• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy

High inflation, cash scarcity to impact Valentine’s Day spending

Samuel Oyekanmi by Samuel Oyekanmi
February 14, 2023
in Economy, Exclusives, Inflation, Lifestyle, Spotlight
High inflation, cash scarcity to impact Valentine’s Day spending
Share on FacebookShare on TwitterShare on Linkedin

Nigerians may find it difficult to spoil their loved ones with lavish gifts this Valentine’s Day. It is the month of February, and today is the eagerly awaited Valentine’s Day, which is traditionally celebrated by lovers and married couples all over the world. 

Every year on February 14, Valentine’s Day—also known as Saint Valentine’s Day or the Feast of Saint Valentine—is observed as a day to show love to particular people. Though gift-giving among friends and relatives may also take place on this day, it is traditionally referred to as a day for lovers. 

 

RelatedStories

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics

June 14, 2025
“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics

“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics

May 31, 2025

Recommended reading: 

Businesses that will profit from today’s Valentine’s Day celebrations

5 great Nigerian stocks to buy for your loved ones

 

Valentine’s Day is typically associated with giving, going to the movies, lighting red candles, going out to dinner, and having a little extra fun for lovers. It goes without saying that these activities demand significant financial outlays, which in turn have effects on the national economy. 

This historic day, however, may be in jeopardy due to recent and underlying problems in the largest economy in Africa, including persistently high inflation and excessively prolonged cash shortages. We quickly review some of the issues that can prevent couples from overspending on Valentine’s Day. 

High cost of goods: Nearly all Nigerians are familiar with inflation, one of the key macroeconomic concepts in fundamental economics. Every month, the consumer price index data, which is used to determine the monthly inflation rate, is made available by the National Bureau of Statistics (NBS). 

  • Inflation has become a particularly hot economic topic in Nigeria due to the country’s ongoing rise in the cost of goods and services.  
  • Due to the conflict in Ukraine and Russia, the global energy crisis, the depreciation of the local currency, and other factors, Nigeria’s inflation rate is currently at a nearly 17-year high standing at 21.34% in December 2022. 
  • Prices for several prominent commodities and services have increased by over 100% year over year throughout the nation, significantly reducing the purchasing power of the populace. This is made worse by the fact that there haven’t been any genuinely profitable investments, which has lowered investor confidence nationwide. 
  • Therefore, those who wish to shower their significant others with gifts on Valentine’s Day this year will have to pay more than they would have, say, last year. 

High-interest rate environment: The CBN’s hawkish stance, which led to the MPR being raised to a record-high 17.5%, portends the apex bank’s attempt to reduce surplus liquidity by restricting access to credit. 

  • Notably, the bank lending rate rose to 29.13% in December 2022, on the backdrop of multiple interest rate hikes in the year. This implies that businesses and individuals will be disincentivized to take loans from banks going forward. 
  • Although some whose business requires a loan for sustainability will have to obtain it at a premium. A high-interest environment oftentimes means that people do not have as much monies lying around for merriment. 

Lack of cash: The Valentine’s season is a time when lovers give their loved ones money cakes as gifts. This is essentially a cake made out of mint money. Some people use N200 or N500 notes to decorate the cakes. Depending on how wealthy they are, the person may decorate the cake with N1,000 or USD notes. 

  • The drawback is that Nigerians have recently had to deal with a significant cash deficit, making it challenging to build such a money cake at this moment.  
  • It is important to note that while getting access to money may not be completely impossible, the costs may be much higher than in previous years. 

Bottom line: While there is never a wrong amount of money to spend on your loved ones, the rising cost of products and services in the nation and the recent shortage of naira notes have left very little to cheer about. 


Follow us for Breaking News and Market Intelligence.
Tags: InflationNational Bureau of Statistics (NBS)
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

Related Posts

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics
Digital Media

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics

June 14, 2025
“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics
Digital Media

“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics

May 31, 2025
Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms 
Economy

World Bank: Global commodity prices to drop to six-year low by 2026  

April 30, 2025
President Tinubu reacts to Port Harcourt Refinery revival, orders reactivation of Warri, Kaduna Plants 
Economy

CBN governor Cardoso identifies inflation as most disruptive economic challenge in Nigeria 

April 28, 2025
Tinubu says petrol subsidy removed to reset Nigeria’s economy  
Economy

World Bank projects 3.6% economic growth for Nigeria in 2025, more optimistic than IMF’s forecast 

April 24, 2025
Cost of cooking pot of Jollof Rice in Nigeria rises by 13.7% to N12,373
Economy

A pot of jollof rice now costs N25,486 in Nigeria, up by19% in 6 Months

April 23, 2025
Next Post
Nigeria’s insurtech startup, Curacel raises $3 million in seed funding

Nigerian insurtech startup, Curacel, raises $3 million in seed funding

Comments 1

  1. Iani says:
    February 14, 2023 at 4:03 pm

    Those celebrating valentine should have other means of paying for valentine gifts or shopping without using cash. Valentine isn’t for everyone. Don’t make it sound as if many Nigerians are celebrating valentine. Inflation is the current global currency. Nigeria isn’t the only country battling inflation.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Nigeria Immigration launches resident permit application portal, ends physical forms by August 1 
  • High profile multi-billion corruption court cases won and lost under Buhari’s 8-year administration 
  • See 10 key road and rail projects associated with former President Buhari’s administration 

Follow us on social media:

Recent News

President Tinubu appoints Ibrahim Gaga as new Executive Director of NEXIM Bank  

Nigeria Immigration launches resident permit application portal, ends physical forms by August 1 

July 16, 2025
High profile multi-billion corruption court cases won and lost under Buhari’s 8-year administration 

High profile multi-billion corruption court cases won and lost under Buhari’s 8-year administration 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics