Inflation rates in Nigeria
In the last 5 years, the inflation rate in Nigeria has increased by 4.36% and while this might seem to be a small change, the impact on our market values has been massive. This can be felt in the consistent hike in the price of petty goods and luxury services and a steep fall in the currency value.
As Nigeria continues to struggle with the pandemic situation, the inflation rates have increased from 12.34% in April to 13.39% in July 2020. The month to month headline index was detailed in the latest report by the Nigerian Bureau of Statistics.
These projections are expected to increase by 0.06% over the course of the year due to the unstable exchange rate value, and further devaluation of the naira. The issue of inflation in Nigeria is very peculiar to our economy and political situation. According to Statista, the inflation rate in Nigeria is more unsteady and higher than the average African nation.
What To Expect
Ideally, the banks especially CBN is supposed to take the necessary measures to keep inflation within permissible limits and cushion its effects on our economy, but instead, we continue to see the naira plummet downward in value.
The financial institutions have failed to reduce the country’s inflation rates, rather they have raised their interest rates to maintain their profit margins.
With the rapid increase of unemployment and constant laying off, the rising cost of living will ultimately lead to panic spending, accumulation of debt, and poverty.
Even though you get to keep a steady job, your buying power will decline if your income doesn’t keep pace with the rate of inflation. On the other hand, if you decide to hold your cash in petty savings accounts, its value gets eroded over time.
How To Protect Yourself
The best way to protect yourself from the sharp claws of inflation is by investing in a high yielding portfolio. What if you could invest in a wide range of low-risk opportunities and long-term business projects that would guarantee your 40%-100% returns on your money?
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With as low as ₦25,000, Payvest assures you of a 40% interest on your capital that matures after six months. With a minimum of investment of ₦100,000, customers can get a 100% interest on their capital after 1 year.
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