Dollar affecting lives in Nigeria, Twitter founder, Jack Dorsey says in critique of US govt

The founder of Twitter, Jack Dorsey, has fault the U.S financial system, stating that America’s currency affects countries like Nigeria, where foreign goods and services are traded in dollar.

Dorsey made this known on his Twitter page, while reacting to U.S White House comments, which informed citizens that the government expects inflation to rise extraordinarily going forward.

This comes at a period U.S inflation hit 7.9%, and the naira is losing value to the dollar, which currently trades at N417.00/$1 at Nigeria’s official foreign exchange market, Investors and Exporters (I&E).

The black market reports one dollar exchanged for N586 as of Tuesday. And the parallel market has been the go-to dollar source since the Central Bank of Nigeria (CBN) limited availability of dollars to specific purposes.

Read also: Bitcoin will replace dollar – Twitter’s Jack Dorsey says, as Cardi B questions crypto relevance

With Nigeria’s trade partners transacting in dollars, and the country depending on fuel importation, the economy has been subject to the value movement of the greenback, and Dorsey hinted on this.

The former Twitter Chief Executive Officer had in his reaction faulted the inflation rate movement, “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.”

When a Twitter user said the U.S government doesn’t have much power to control the rate, Dorsey responded with the following tweet, “You don’t understand the power of the dollar and our single export.

“Ask someone in Nigeria how the dollar affects them” the founder of the payment company, Square, wrote in response.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now