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Survey Reveals Nigerians’ Frustrations with High Interest Rates

CBN Inflation Expectations Survey reveals that 71.5% of Nigerians are calling for lower interest rates amid economic hardship
Interest Rates Survey

Breaking News: A recent Inflation Expectations Survey (IES) conducted by the Central Bank of Nigeria (CBN) reveals that 71.5% of Nigerians are dissatisfied with the CBN’s policy of raising interest rates to curb inflation. The majority of respondents are urging the bank to lower interest rates amidst the ongoing economic hardship in the country.

CBN Inflation Expectations Survey

Conducted from September 9 to 13, 2024, the survey gathered input from 1,666 households and 1,750 businesses across Nigeria, including the Federal Capital Territory (FCT). Participants voiced concerns about how high borrowing costs are adversely affecting businesses, manufacturers, and households.

Key Survey Findings:

  • 12.5% of respondents support increasing interest rates, while 16% prefer maintaining the current rate.
  • 71.5% want the CBN to lower interest rates, citing the negative impact of high borrowing costs on the economy.
  • Rising inflation was linked to high energy costs (petroleum products), foreign exchange challenges, and insecurity, all contributing to an escalating cost of living.

Economic Impact and Public Sentiment:

  • Households are more negatively affected by inflation compared to businesses, with larger businesses bearing the brunt of inflation more heavily than small businesses.
  • Urban areas are slightly less impacted by inflation than rural populations, according to the survey.
  • Despite current inflation challenges, there is optimism that inflation will decrease in the future, with businesses being more hopeful than households.

The survey also showed that 62.3% of Nigerians actively follow CBN updates on economic policies, with 61.8% viewing the CBN’s leadership as transparent, even though they believe its policies have had little effect on controlling inflation.

As Nigeria awaits the Consumer Price Index (CPI) report for September 2024, the public’s sentiment remains a critical reflection of the ongoing economic challenges.

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