MoneybyZikoko: This Lady Survived Six Years of Financial Abuse

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ICYMI: On February 27, the Central Bank held its first Monetary Policy Committee (MPC) meeting since the new Governor Yemi Cardoso took office. The most talked-about action points are the new moves to protect the Naira, which has lost over 70% of its value in the last few months.

So, these are some of the decisions the Apex Bank made.

• The CBN incresed the Monetary Policy Rate (MPR) from 18.75% to 22.75%. Think of the MPR as the interest rate at which the CBN lends money to the bank. The most significant effect is that it means more expensive loans — a higher interest rate typically incentivises people to reduce the frequency of taking loans and save more. This helps the CBN control the money supply in the economy and potentially mitigate inflation. In addition, higher interest rates attract foreign investment and capital inflows, which may result in a stronger Naira against the dollar.

• The CBN also increased the Cash Reserve Ratio (CRR) from 32.5% to 45%. The CRR is the percentage of deposits banks are mandated to deposit with the CBN. The more money banks keep with the CBN, the fewer loans they can give, reducing money circulation.

  What do all of these mean: These CBN’s moves are geared towards reducing inflation, which reached a 30-year-high in January. If these work, there will be a reduction in the cost of living as prices of essentials will come down. Who knows? Maybe the price of one kilo of Turkey will return to less than <₦3k.

  Moving on, what stories do we have for you this week?

  In this letter:

  • #NairaLife:She Endured Financial Abuse for Six Years. Now She Earns ₦700k+/Month
  • My Weirdest Gig:I Worked on a Client’s Dating Profile
  • #ZikokoMoneyVideo: How is Inflation Affecting the Car Business?
  • QUIZ: How Much Money Will You Win On A Nollywood-Themed Who Wants To Be A Millionaire?
  • Where The Money At?!

In 2021, the 33-year-old admin officer in this #NairaLife was forced to leave her six-year marriage with her two children. Years of financial abuse had begun to evolve into physical abuse.

She also went from having zero income for years to juggling three jobs and then solely providing for her children on a ₦45k salary. Her life is much better now, and it started with one job change.

Read her #NairaLife here

Zikoko Naira Life has told stories of Nigerians and money for about five years. Now’s time to take it a step further and bring everyone to talk and share experiences about this money thing, wouldn’t you say? What can you expect from this event? More imporatly, when is it happening?

We’ll share this information as soon as we can. Click the link below to be the first to know.

I want to be the first to know

Amaka* is a 26-year-old freelance business writer living in Lagos, Nigeria. A typical writing gig for her involves press releases, business profiles and whitepapers.

Nothing prepared her for being paid to write a client’s dating profile.

Read Amaka’s weirdest gig here.

Guys, we’re adding a new section to this newsletter. We all have questions about money we’d like some clarity on, don’t we?

Enter Aunty M. Let’s say she’s the experienced older sibling you can come to for answers and actionable money, work and career advice.

All you need to do is send your questions below, and we’ll take it from there.

Submit your questions here

How does money move in the food delivery sector? How much do folks who make the delivery work? Find some answers in this video.

Watch the video here