Dear Subscriber,

Finally! Relief!

On July 29, the president signed the 2024 minimum wage bill into law, which has increased the minimum wage by 133% to N70,000/month from N30,000/month in 2019. Consumers, however, continue to battle a cost-of-living crisis, leading to a nationwide protest which started on August 1. This has been further exacerbated by queues brought on by the ongoing petrol scarcity. Consequently, the price of petrol has risen to as high as N1,500/litre in the black market and a resultant increase in transport fares. Rising PMS prices could further stoke Nigeria’s inflation which reached a 28-year high of 34.19% in June. In a bid to reduce price pressures, the Federal Government’s has suspended import duties, tariffs, and taxes on essential food items like wheat, rice, and beans. This, coupled with the recent 50bps increase in the MPR, is anticipated to provide some relief to consumers by supporting the appreciation of the naira in the forex market.

At your breaking point, find your breakthrough

Whoever said life was easy was clearly joking. In our fast-paced world, stress has become a constant companion for many of us. But what if we told you there are simple yet effective ways to combat this stress and regain a sense of calm and balance? As Albert Einstein, one of the world’s most influential scientists, once said, “In the middle of difficulty lies opportunity.” Mindfulness is that opportunity—a chance to pause, breathe, and reconnect with ourselves amidst the chaos. Whether you’re new to mindfulness or looking to deepen your practice, the lifestyle section of this Unity Bank digest showcases eight mindfulness exercises designed to effectively reduce stress.

This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends, engaging lifestyle and entertainment stories for your reading pleasure.

Enjoy your read!