Dollar inflation in U.S taking heavily toll on Nigerians– Twitter founder, Dorsey

 

Twitter founder Jack Dorsey has lamented the crippling effects of the U.S. dollar inflation on Nigeria and other developing countries.

Dorsey made the remark in reaction to white house projection of hike in inflation in the United States and the country’s printing of its currency over the past years.

Dorsey said Washington needed to understand that it decisions on dollars and inflation did affect people living in countries like Nigeria.

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

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.

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 president Muhammadu Buhari administration, 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