Volume 107
Good morning ☀️
It’s another week, and it’s also another reminder that Nigeria’s cost of living feels like a never-ending chokehold. October’s inflation figures are out, and the inflation rate hit 33.8%, up from August’s 32.7%.
How did we get here? According to this report from TechCabal, Flooding in critical agricultural states wiped out food supplies that could’ve fed 8.5 million people. So even though it’s harvest season, there’s little impact on the bottom line. The result? Food inflation has risen to 39.16%, up from 37.77%.
Fuel hikes have also made everything—including transportation—more expensive. Petrol prices have shot past ₦1,000 per litre, and LPG prices are rising faster than ever.
What’s the Central Bank of Nigeria (CBN) doing? In September, it jacked up interest rates by 50 basis points, making loans more expensive—a typical measure to control inflation. Analysts predict another hike is coming next week.
What does all this mean for you? Nothing much has changed, and we can expect that the price of essential items (especially food) will remain high for the foreseeable future.
In this letter:
- #NairaLife: The Student Trying to Build an Empire With Her Allowance
- Love Currency: This Fashion Designer Will Only Get Married if Her Boyfriend Provides for Her Child
- I’m a POS Agent Who’s Just Trying to Survive
- Ask Aunty M: Help, I Can’t Build a Savings Habit
- QUIZ: Only Money Smart Nigerians Will Score 8/11 on This Fintech Logo Quiz
- Where The Money At?!
#NairaLife: The Student Trying to Build an Empire With Her Allowance
This 20-year-old has her parents to thank for her early foray into business, and an allowance that allows her to explore her dreams of building a business empire. She’s not quite at “empire” level yet, but she believes she’s on her way.
Right now, she’s pursuing financial stability. In just one year, she’s built her portfolio to ₦1.2m. She isn’t planning to stop now.
Jollof+ is a cutting-edge savings app providing up to 21% net interest rate with no hidden charges. Designed to help combat inflation, Jollof+ offers personalized saving features, ensuring steady financial growth for users.
Love Currency: This Fashion Designer Will Only Get Married if Her Boyfriend Provides for Her Child
Amanda* (29) has been with Luke* (31) for two years, and the only shadow in their otherwise perfect relationship is Luke’s refusal to take financial responsibility for her child.
For #LoveCurrency, Amanda shares why this might be a deal-breaker for her.
If you’re looking for the best place in Nigeria to trade stablecoins like USDT and USDC, use Yellow Card.
Yellow Card is very easy to use and usually has the best rates on the market, low fees, and top-notch security.
I’m a POS Agent Who’s Just Trying to Survive
This POS agent talks about navigating assumptions about agents like him being opportunistic, wanting people to be more understanding and why he intends to stick with the business, even if it’s a little unpopular.
Ask Aunty M with Reni
Help, I can’t develop a savings habit no matter how I try!
I have never saved anything in my life. I always turn to external support, loans, and large instant expenses to solve my problems.
My only income—a ₦96k/month salary—lasts less than a week and barely affords my basic needs.
When I keep money away in a separate account, I run back to withdraw it.
How do I learn how to save? – Nike, 25
Hi Nike.
It’s hard to save when your salary does not cover your basic needs. Sometimes, we have spending problems; other times, we have income problems. You may have both in this case, but I think it’s primarily an income problem. The best thing you can do is focus your efforts on finding a higher-paying job.
While at it, track your spending for the next few months to see how much you are truly spending on your basic needs monthly. Let’s say you’re spending ₦300k/month. You need to target a job that pays you at least ₦400k/month so you can spend on yourself and also afford to save. You can’t afford to save right now because the bills exceed your income.
Increasing your income will truly help you the most in this situation. Once your income increases, ensure you keep your expenses the same. Live as you were currently living. Then, you’ll find that there will be no need to dip into your savings anymore because you have adequate income for your needs and savings goals.
I hope this is a good start. Rooting for you.
Xoxo,
QUIZ: Only Money Smart Nigerians Will Score 8/11 on This Fintech Logo Quiz
Chances are that you use some of these fintech apps.
But can you recognise their logos?
Where The Money At?!
We can’t say we’re about the money and not actually help you find the money.
So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.
Again, don’t mention. We gatchu.
Share this newsletter
All good things must come to an end. But not this good thing. We’ll be back next week.
In the
meantime, keep reading Zikoko’s articles and be sure to share the love.
See you next week…
Yours cashly,
Toheeb,
Zikoko’s ‘OG’ Mr. money
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