A recent survey conducted by the Statistics Department of the Central Bank of Nigeria (CBN) has revealed that 74.2% of respondents believed the apex bank should have reduced the interest rate in July.
This is in contrast to 12.4% who thought the interest rate should be raised, and 13.4% who preferred no change.
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The survey results, released on the CBN website, showed that most respondents believed the July inflation rate was high, driven by changes in energy, exchange rate, and transportation prices. The CBN Governor, Olayemi Cardoso, explained that while the bank is concerned about the impact of high interest rates on Nigerians and businesses, it is important to maintain an inflation-tightening stance.
The CBN raised the benchmark rate by 50 basis points to 26.75% in July, the fourth increase in seven months, citing continued inflationary pressures. Nigeria’s inflation rate moderated to 33.40% in July from 34.19% in the previous month, according to the National Bureau of Statistics.
