Sub-Saharan Africa has one of the highest inflation rates in the world.
Individuals and Families saving money in their local currency do not have an easy way to guard their life savings against devaluation.
Businesses that make purchases in USD and sell in their local currency sometimes run into a loss when the value of the dollar goes up, and they have to repurchase the same goods at a higher amount than they sold it equivalent to their local currency.
Source: https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/SSQ
| - | - |
|---|---|
| Country | Nigeria |
| Inflation | 17.75% |
The Naira has devalued drastically in the last 12 months, from USD 1 = 360 NGN to as high as USD 1 = 500 NGN at one point in time.
A Fixed income earner saving N20,000 monthly at ($1 = N360 ) in the last 12 months.
Would have saved a sum of N240,000 which is suppose to be equivalent of $660 but instead will be worth only $500 at year end. Resulting in a huge loss of $160 in value of money due to current inflation rate.
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- Policy such as the Central Bank controlling number of dollar circulating in the economy won’t affect users
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