Most Nigerians believe that the country’s economy will face more challenges if inflation rises at a faster pace than it is currently doing, a Central Bank of Nigeria (CBN) survey has found.
According to the apex bank’s “Inflation Attitudes Survey (IAS) Report, Q4’20,” which was released yesterday, when respondents were asked what would become of the nation’s economy if prices start risin g faster than they do now, “60.8 per cent of the respondents believed that the economy would end up weaker, 8.4 per cent stated that it would be stronger, 12.8 per cent of the respondents believed it would make a little difference, while 17.9 per cent did not know.”
The report said the finding was “consistent with the notion that inflation constrains economic growth.”
On interest rates, the report stated: “The percentage of respondent households who felt that interest rates had risen in the last 12 months decreased by 2.1 points to 33.2 points in the current quarter when compared to 35.3 points attained in Q3’20.
“On the other hand, 6.1 per cent of respondents believed that interest rates had fallen, while 45.5 per cent of the households had no ide