US dollar inflation is wreaking havoc on Nigerians, Says Jack DorseyA report from the National Bureau of Statistics says that Nigeria's inflation rate rose from 15.6 percent to 15.7 percent in February.
Jack Dorsey, the founder of Twitter, says that Nigeria and other poor countries are hurting because the US dollar is getting more expensive.
Mr. Dorsey made his remarks on Tuesday in reaction to the White House's statement that it expects a rise in inflation as a result of the US printing its currency in recent years.
"You don’t understand the power of the dollar and our single export".
In a tweet, Mr. Dorsey responded, "Ask someone in Nigeria how the dollar affects them."
According to the consumer price index, inflation in the United States reached 7.9% in February, the highest level since 1982.
Because of Putin's price hike, the March CPI report will be "extremely high" when it comes out, White House press secretary Jen Psaki said before the report.
The dollar rose as much as 0.4 percent, reaching a high not seen since July 2020, according to the Bloomberg Dollar Spot Index.Third-world countries like Nigeria, which purchase commodities in dollars, have been hurt by this.
A report from the National Bureau of Statistics says that Nigeria's inflation rate rose from 15.6 percent to 15.7 percent in February.
The Naira has been on free slide during the Buhari administration, with the official foreign currency market, Investors and Exporters (I & E), currently trading at N417.00/$1 and the illegal market at N586.