Nigerians protest over skyrocketing inflation as local currency hits record low value
Fox News
Nigeria is facing one of West Africa's worst economic crises in years with an inflation rate of 29.9% as the naira, Nigeria's currency, plummeted to 1,524 to $1.
"My family is now living one day at a time (and) trusting God," said trader Idris Ahmed, whose sales at a clothing store in Nigeria’s capital of Abuja have declined from an average of $46 daily to $16.
The plummeting currency worsens an already bad situation, further eroding incomes and savings. It squeezes millions of Nigerians already struggling with hardship due to government reforms including the removal of gas subsidies that resulted in gas prices tripling.
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