Jack Dorsey Twitter founder…Dollars affecting lives in Nigeria

Jack Dorsey, the founder of Twitter, has faulted the U.S financial system, stating that America’s currency affects country 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 the availability of dollars to specific purposes.

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 at 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.