Posted 2/19/2024, 7:30:00 PM
Nigeria Faces Economic Crisis as Inflation Soars to 29.9%, Highest Since 1996
- Inflation in Nigeria hits 29.9%, highest since 1996, sparking protests over skyrocketing prices
- Currency plummets to 1,524 naira to $1, a 230% loss in value in a year, squeezing incomes
- Reforms like ending gas subsidies resulted in tripling of prices, destabilizing economy
- Central Bank cleared $2.5 billion backlog to stabilize naira but value keeps falling
- Nigerians coping with hardship, fewer cars and commuters trekking to work as prices of goods soar daily
