Tuesday, April 16, 2024

U.S. dollar inflation badly affecting Nigerians: Jack Dorsey

“You don’t understand the power of the dollar and our single export. Ask someone in Nigeria how the dollar affects them.”

• April 12, 2022
Twitter CEO, Jack Dorsey
Jack Dorsey

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

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

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

In February, the U.S. consumer price index showed that inflation rose above 7.9 per cent last year, the highest level since 1982. 

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

The Bloomberg Dollar Spot Index noted that dollar rose as much as 0.4 per cent reaching a level unseen since July 2020. This has affected third world countries like Nigeria which imports goods in dollars. 

In February, the National Bureau of Statistics said Nigeria’s inflation rate rose from 15.6 per cent to 15.7 per cent.

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

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