Published 5 months ago

Nigeria's currency has fallen to a record low as inflation surges. How did things get so bad?

Summary by Ground News

Nigeria's currency, the naira, further plummeted to 1,524 to $1 on Feb. 16, reflecting a 230 percent loss of value in the last year. The situation has provoked anger and protests across the country. The plummeting currency worsens an already bad situation, further eroding incomes and savings.

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Nigeria's currency has fallen to a record low as inflation surges. How did things get so bad?

By Chinedu Asadu, The Associated Press ABUJA, Nigeria (AP) — Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country. The latest government statistics released Feb. 15 showed the inflation rate in January rose to 29.9 per…

5 months ago

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