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Improving your savings habit

When it comes to money, developing a good savings habit is no easy task especially when you have bills to pay or things to buy. It becomes much more frustrating when you can’t seem to explain your expenses. Marginal propensity to save, which is the direct opposite of the propensity to consume, could create a possibility of negative savings, especially when your expenses exceed your income. The savings culture is difficult to develop in a period of high inflation. To folks out there, whether there is inflation or not, the discipline of saving a little bit of your income is necessary. Just think about it; we all probably pay a tithe or offering every month. So just extend this to putting something away for future emergencies or as economists say, the precautionary motive.

The lifestyle section of this digest will provide you with three easy and inspiring ideas to improve your savings habit.

FEC approves NNPC acquisition of 20% stake in Dangote refinery

The Federal Executive Council has approved NNPC’s acquisition of a 20% stake in the Dangote refinery petrochemical complex. The refinery, which has a capacity of 650,000 barrels of oil per day in a single train, will be the largest oil refining facility in Africa. This combined with the successful but exorbitant rehabilitation of the Port Harcourt, Warri and Kaduna refineries, will increase Nigeria’s refining capacity and turn the country into the refining hub for West Africa.

CBN issues guidelines for payments service holding companies

The CBN has released new guidelines for Payment Service Holding Companies (PSHCs) in Nigeria. This is coming at a time when the apex bank announced plans to launch its own digital currency system by October 1. Nigeria is the 3rd largest recipient of cryptocurrencies after the US and Russia according to BBC. There is an existing ban on banks on the use of crypto which emanated from the End SARs protest. The introduction of the digital currency will facilitate cross border trade and financial inclusion. To many, especially the millennials and generation Z’s, cryptos are widely seen as a way around exchange control and a convenient mode of payments and settlement.

This edition of the Unity Bank Digest, as usual, provides you with an intriguing lifestyle piece, recent economic news and interesting social stories.

Enjoy your read!