Dear Subscriber,
Spend wisely this Christmas
This Christmas is shaping up to be unlike any other, as Nigerian consumers face a particularly tough economic climate. Rising inflation and a weakened naira have already stretched household budgets, leaving consumers to contend with soaring costs of goods. The festive season further amplifies these pressures, pushing prices even higher. But that is not all. The ongoing security concerns in the country are exacerbating the financial strain, with Nigerians collectively spending a staggering ₦2.23 trillion on ransom payments between May 2023 and April 2024. Therefore, as we settle into the Christmas festivities, it is important to strike a balance between celebration and caution to avoid getting carried away by the festivities. As Benjamin Franklin once said, “Beware of little expenses. A small leak will sink a great ship.” In the lifestyle edition of this Unity Bank Digest, we explore five compelling reasons to inspire smart and thoughtful spending this Christmas.
A cashless Christmas!
In December 2024, the Central Bank of Nigeria (CBN) announced a cap on daily cash withdrawals by PoS agents to ₦1.2 million (with a maximum of ₦100,000 per customer). This directive coincides with the holiday break for banks, further tightening cash availability during the festive period. With approximately 2.7 million PoS terminals (one terminal for every 80 Nigerians) these limitations could have a notable impact on Christmas spending as consumers may face difficulties accessing cash for holiday shopping and celebrations.
However, everything is not gloomy during this festive period. On December 19, the Dangote refinery announced a 7.3% drop in its petrol price to ₦899.5/litre from the previous ₦970/$. Shortly after, the NNPC took a similar decision to slash its ex-depot price of PMS by 11.86% to ₦899/litre. These reductions, along with the announcement of free nationwide train rides from December 20, 2024, to January 5, 2025, is expected to ease transportation costs during the festive period, boost disposable income and encourage greater spending on social and family activities.
This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends and engaging lifestyle and entertainment stories for your reading pleasure.
Enjoy your read!
