How Nigerians Deal With Increasing Market Prices

Inflation is hitting everyone hard. It’s no news.

This is why we started the series “Dealing with Inflation” where we share real-life practical tips to help you deal with inflation.

For example, what do you do when you have to pay more rent, or how do you handle increased school fees, especially when your income is not increasing as fast as these prices?

These are the questions we will be answering.

Today, we are talking about one of the ways inflation is affecting us the most — increasing market prices. The price of everything is constantly increasing. You go to the market and you realize that the prices of things have doubled in less than a week.

How do you deal with situations like this?

We had a conversation with some Nigerians, and they shared with us how they cope with inflation.

Esther, Abuja

“Nowadays, I create my market list based on priority. The items that I need the most stay on top, while those that are not really urgent go beneath.

When I get to the market, I start with the items at the top of the list.

So, even if I exhaust the money I budgeted, I would have gotten the most important things. The others will wait till I can get more money.”

Eseoghene, Lagos

“I realized that creating market budgets during this period seems like a waste of time. But instead of giving it up totally, I always increase the prices of the items on my list.

For example, if I bought something at N500 last week, I add an additional N200 this week.

Many times, I get to the market and the price of the item is just what I budgeted for, and if it isn’t, the price difference is always very small.”

Fadekemi, Ibadan

“I am a married woman with kids, so going to the market and not buying everything on the list is not an option. I always go to places where I can find the cheapest prices.

I compare the prices of items in various stores. If I can get it cheaper at the market, I don’t buy it from the supermarket (including beverages and grocery items).

I buy things in bulk. Sometimes, I buy what we need for two or three months at a time, especially non-perishable items.

I also increase the prices of the items on my list because I know I won’t meet the previous prices when I get to the market.”

And finally…

Mercy, Xend Finance

If you are subscribed to our emails, then you will be familiar with Mercy from Xend Finance.

And she had some advice of her own.

Saving in stable cryptocurrencies and earning interest on your savings gives you more money to spend in the market. As the prices of things are increasing, you can be sure that the value of your money remains intact and is yielding interest.

You have more money to buy the things you need, and the increase in price won’t affect you as badly as others.”

Click here to download the Xend Finance app and start saving in stablecoins. Earn up to 15% interest on your savings.

This is where we stop for today. However, the conversation does not have to end.

If you have any practical tips to share, please leave a comment. We would love to hear from you. You just might be helping another person stay sane during this period.