THE UNITY BANK DIGEST – JULY 26, 2022 (Re: Consumers and corporates struggle as inflationary pressure persists)

Dear Subscriber,

Is inflation here to stay or a passing phase?

Nigerian consumers, businesses and individuals alike are facing challenges and headwinds and are reeling in an atmosphere of hopelessness. This is because of a myriad of factors.  Notably, the precipitous fall of the naira in the forex market (N679.50/$), the power supply shortage (national grid – 3,500MW) and now the almost unaffordable price of diesel (N850/liter). In spite of the hike in interest rates, we are witnessing what some analysts fear may become a bout of runaway inflation.  Inflation is not just domestic but global.

The way out

In times of difficulty, resilient people do not despair. This is because Isaac Newton in the laws of gravity states that “what goes up must come down”. As a matter of fact, this is just a passing phase and the good news is that harvest is around the corner and it is expected that interest rate hike will begin to taper inflation soon.

Finally, it’s another election cycle! All citizens will have the opportunity to elect a new president that will pilot the affairs of this nation for the next four years. To make that decision in February 2023, you will need to get your PVC and ensure you use it wisely.

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

Please enjoy your read!