Vol 64 | 22-01-2024
Good morning, {$name}! 🌞
Three things are certain in life (read: Nigeria): Death, taxes, and rising inflation. Last week, the National Bureau of Statistics (NBS) revealed that inflation now sits at 28.92%. Two things to note: this number has risen for 12 consecutive months. The last time inflation hit this high was in 1996. That was 27 years ago.
Is the Government doing anything about this? The Central Bank of Nigeria (CBN) will hold its first Monetary Policy Rate (MPR) meeting of 2024 next month. During these meetings, the CBN figures out ways to regulate the economy’s value, supply and cost of money. A core reason is to curb inflation. Fingers crossed. 🤞
Inflation numbers used to be mostly just numbers on a screen. Or maybe it’s just me. But this time last year, a plate of food from a restaurant I frequent was ₦1750 (including delivery fees). Now it costs me ₦2800 for the same thing. That’s something, isn’t it?
In (un) related news, I found this picture I thought about all weekend. It’s a price list of (new) Kia cars in 2015. How much do these sell for now?
Moving on to this week’s stories.
In this letter:
- The #NairaLife of a 45-Year-Old Living Her Best Life Driving Cabs
- 7 Nigerian Millennials Share Hacks for Living Through Inflation
- Money Meanings: “Assets Under Management”
- Quiz: When Will You Get Your Next Raise at Work?
- Where The Money At?!
The #NairaLife of a 45-Year-Old Living Her Best Life Driving Cabs
A lot has happened since this 45-year-old lost her bank job in 2009. She started a fabrics and home decor business and navigated raising her kids on her own. She’s finally found stability in an unlikely source: Driving cabs. How’s it working out, and what does her >₦250k/week income do for her?
My key learnings from this story:
- If your money moves are not serving you, it’s all right to change them. Setting up a fabric business was supposed to be this lady’s next significant move after her bank job. But she knew when to let her shop go. I think she’s better for it.
- There’s no single rule to money management. It’s best to find what works for you and stick with it. In this context, it’s how this woman saves. I like that she has a weekly ajo contribution. The frequency makes sense to me because she earns money daily and reconciles the amount weekly.
- This is just a thought: I imagine this lady lost her banking career due to the 2009 banking crisis. I wonder how the scores of others affected managed to navigate the fallout from that event.
7 Nigerian Millennials Share Hacks for Living Through Inflation
Inflation has reached 28.92% — the highest in 27 years — and things are… hectic. We spoke to some millennials, and they shared the hacks they’re holding on to in these trying times.
You heard it here first – we are planning a Naira Life event in 2024! What’s better than sharing stories about how Nigerian manage money? Bringing everyone together under one roof to share their experiences.
We’ll share more information as soon as we can. Click the link below to be the first to know.
Money Meanings
QUIZ: When Will You Get Your Next Raise at Work?
We know you deserve to earn more money this year, but do your employers think so?
Let’s find out if a raise is on the horizon for you at work.
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.
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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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