Nigeria's inflation rate has climbed to 26.72%, an increase of 0.92% from last month's 25.80%, as disclosed by The National Bureau of Statistics in its latest CPI report for September 2023. This increase is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both causing a substantial impact on the prices of goods and services.

The fact that $1 is now over N1,100 is disheartening, even when we thought that 1k was a point we didn't want to reach. But we're already living it, and it doesn't look like it's slowing down anytime soon. Inflation in Nigeria is becoming too much for everyone, especially for average employees who are working hard to make a living.

These are the people who feel it the most because the purchasing power of their salary is reducing every day, and they barely get wage increases. To illustrate how bad it is, they earn less but have to spend more every month.

Looking at the prices of goods and services, you'll see that our inflation rate is more than the reported 26.72%. Why do I believe this? The prices of food and other commodities have almost tripled year on year, and it’s not slowing down. I had the chance to experience this firsthand, aside from my daily purchases of the things I need.

I was in charge of printing all the banners and flyers used at a Tech conference in my home state last month, and I experienced how bad our inflation is firsthand. I had gone to the printing press to inquire about the pricing of everything that needed to be printed. After getting all the pricing, I went back to submit it to my team members. I returned the following day to pay the agreed-upon price.

I was surprised when I received a call from them the next day only to be told that I needed to add to the payment I had made because the printing price had increased. This came as a surprise to me because I had already made the payment for the job, and the amount I paid was what I was told. I told them that I wouldn't add to it because it wasn't my fault, to which the secretary replied, "The price of things is going up daily, and we only realized it when we went to get the materials needed for printing." When she said this, I could relate because I know that inflation is eroding our economy, and our currency is losing value every day. So, I stopped arguing with her and spoke to my team lead about it to get the balance to pay her.

This shows that our currency is losing value by the day, and people are becoming frustrated by it.

IS THIS THE DEMISE OF THE NAIRA?

This might not be the end of the Naira, but one thing I'm sure of is that the Naira is depreciating rapidly, affecting the livelihood of the average Nigerian citizen. People now live mostly from hand to mouth, with most of their wages going toward food, leaving them with nothing to save after grocery shopping. We have more than 60% of the Nigerian population living in poverty, and the current situation in the country will only make it worse, pushing more people into poverty.

WHAT IS THE SOLUTION?

The only solution and the way forward is Bitcoin because it's deflationary money that cannot be created out of thin air. It has a cap of 21 million Bitcoin, and no one can increase its supply. The value of the Naira has decreased by 70% against the Dollar this year alone, while Bitcoin has increased by over 104% during the same period.

If not for yourself, do it for the sake of your kids, start saving in Bitcoin so that you don't lose your wealth to inflation.

Stack sats or stack friends who stack sats.