US dollar inflation badly affects Nigerians: Jack Dorsey

Twitter founder Jack Dorsey says the effects of US dollar inflation are being felt negatively by Nigeria and other developing countries.

On Tuesday, Mr Dorsey made his comments in response to the White House, saying it expects its inflation to rise and the United States printing its currency over the past few years.

“You don’t understand the power of the dollar and our only export. Ask anyone in Nigeria how the dollar affects them,” Mr Dorsey said in a tweet.

In February, the consumer price index in the United States showed that inflation had exceeded 7.9% last year, the highest level since 1982.

“We expect headline CPI inflation in March to be extraordinarily high due to Putin’s price hike,” White House press secretary Jen Psaki said ahead of the March report. .

The Bloomberg Dollar Spot Index noted that the dollar rose 0.4% to a level not seen since July 2020. This affected third world countries like Nigeria, which imports dollar goods.

In February, the National Bureau of Statistics said Nigeria’s inflation rate had fallen from 15.6% to 15.7%.

The naira has been in freefall under the Buhari-led regime, currently trading at N417.00/$1 on Nigeria’s official foreign exchange market, Investors and Exporters (I&E) and N586 on the parallel market.

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