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It's impossible to ignore that native African currencies are performing worse compared to others. For instance, in neighbouring Cameroon, we use the "colonial" CFA (XAF/XOF), and the current inflation situation is bad. However, Nigeria takes it to another level!
The same trend can be observed in all other African currencies. In fact, among the top 20 countries with the highest inflation rates, 10 are African countries, all of which have their own currency (except Congo, which is in the 19th position, using the FCFA).
I'm not claiming that the CFA is superior; they are all fiat currencies, after all. I'm simply highlighting the obvious, as I believe the CFA has been treated unfairly in the Bitcoin community (which I've also been a part of).
A similar situation exists in Argentina, where prominent political figures actively advocate for the dollarisation of the country, much like in El Salvador.
I really can't speak for Cameroon 🇨🇲 but the problem we're having with inflation here in Nigeria 🇳🇬 is something else, the media is misleading the people to think that our inflation is 26%, but I can tell you for a fact that our inflation is over 100% yoy
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Absolutely! They'll lie about inflation rate and blame it on Putin, Ukraine war, bitcoin etc.
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It's crazy whats happening in the world rn.
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