What has happened to Nigeria's currency?
It has lost a a serious amount of it's value in the last year. Here's the chart:
Against Bitcoin it's done even worse; the Nigerian Naira has lost 72% of it's value. Here's the chart:
The Naira looks like an altcoin chart, except this is affecting 200 million people.
They're an oil producer too, so this shouldn't be happening.
Unfortunately, it's been caused by a political crisis. Nigeria's central bank was operating a complicated system of multiple currency rates, which led to a shortage of foreign currency, which led to foreign investors being unable to take their money out of the country.
The foreign investors complained to the President, who fired the Central Bank governor. The central bank responded by removing the multiple exchange rates and just letting the Naira fall.
Foreign investors can take their money out, but they're getting a third less. But foreign investors wanting to buy Nigerian assets cheap are cheering - the Nigerian stock market surged.
What about the ordinary person? Well this is hugely inflationary for anyone who buys anything imported.
The winners from this are Wall Street types wanting to own a piece of Nigeria, plus any Nigerian exporter. The losers are ordinary Nigerian who saw their purchasing power evaporate. (Apart from the ones who own bitcoin, who are just fine).