According to a recent report issued by the Central Bank of Nigeria (CBN), a rising monetary distress has been warned to Nigerians, with a significant number of households expected to rely on loans to cover increasing costs over the next six-month.
Furthermore, the CBN July 2024 Inflation Expectations Survey Report demonstrated that household spending will continue to rise throughout the remainder of 2024 and into January 2025, meaning many Nigerian families may, within the next few months, completely drain their life savings in order to meet some financial commitments.
The survey was carried out between July 14 and July 26, with 1,600 businesses and 1,650 households used as samples from all states of Nigeria, including the Federal Capital Territory. From this report, it is noted that 83.7% consider the inflation rate at present as very high, along with an evaluation index overall of -61.1 points.
Both businesses and households have expressed worries regarding the present inflation atmosphere, with large-scale enterprises being especially worried regarding this matter, reflecting a firm conviction that the present inflation rate level is too much.
The report also looked into what consumers think about three important aspects: economic situations, family finances, and income-earning capabilities.