Business

Inflation in Nigeria: Beyond the numbers

I was in Ikotun market weekend shopping for groceries with Madam. While it was coated in romantic garbs, i.e. ‘continuation of valentine’, the aim was surreptitiously to see where one’s money was entering in these times.


A lady buying tomatoes just ahead of us, priced (haggled) up and down and finally exclaimed “We no kuku fit chop the money”.


This is precisely the stark reality in the face of soaring inflation rates, “we can’t eat currency.” Currency is meant to be spent even though the value has depreciated.