Inflation Rate: 17.20%
The inflation rate in Nigeria is put at 17.20% in August 2016. This is the worst it has been in the past 9 years. Let me tell you the implication of this: If you hold 100,000 Naira in your hands, at the end of one year you think you still have 100,000 but in actual fact what you have is simply 83,000 Naira. You have lost 17% of your money by doing nothing! (See More)
Interest Rate: 5.00%
If you decide to put your money in a savings account, you would be a bit luckier. The best interest rate in the country is being offered by Standard Chartered Bank and is currently at 5%. That means, with the current inflation rate, the best bank in Nigeria can only help you preserve 88% of your money. 12% is still going to be lost to the economy. (See More)
Banks, despite the poor interest rate and the excruciating inflation, still charge exorbitant rates for SMS. I noticed that some banks have started sending weekly updates and monthly updates. And so that they get more money from you, they send account statement and monthly summary in separate texts. It is terrible that we are made to pay for this text messages. When SMS still cost 15 Naira, this is what the banks charge. Now that texts are now free, we are still being charged the same amount. They make money with our money and still make us pay for reminding us how much money we gave them to make more money with!
If you need a good way to put your money into use, Holla!