Jack Dorsey, the founder of Twitter and payment technology company, Square, has stated that the effects of the US dollar inflation is being negatively felt by Nigeria and other developing countries.
Dorsey disclosed this in a tweet while reacting to the effects of the US Fed dollar printing over the past years.
This comes as the Bloomberg Dollar Spot Index rose to its highest level since 2020.
In a response to the White House stating that it expects US inflation to be ‘extraordinarily elevated’ in a new report, Dorsey stated, “Every administration, republican or democrat, has an opportunity to build trust with the public. Instead, every single time, they choose deception and zero accountability. It’s not the party, it’s the system.”
On the negative consequences of US Fed printing, Dorsey responded “You don’t understand the power of the dollar and our single export. Ask someone in Nigeria how the dollar affects them”
Nigeria’s inflation rate changed direction in February as it rose 15.7% from 15.6% recorded in the previous month. Ayobami Omole, an Equity and Thematic Research Analyst at Tellimer Research told Nairametrics that the high cost of diesel, partly caused by the Russian invasion of Ukraine, and impacting negatively on the manufacturing sector in Nigeria is set to push Nigeria’s inflation for Q2 around the 16% rate.
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