CBN Survey Shows Nigerians Are Scared Of Weakening Economy
So, the Central Bank of Nigeria, CBN carried out a survey and it showed that Nigerians are really scared of the implications of rising inflation.
Respondents in the survey, which was carried out by CBN’s Statistics Department in the fourth quarter of 2018, showed that more Nigerians feared the country having a weaker economy from rising inflation.
The CBN said the Inflation Attitudes Survey was conducted between November 24 – December 7, 2018 from a sample size of 1,770 households, randomly selected from 207 enumeration areas across the country, with a response rate of 99.2%.
“Respondents were asked what would become of the Nigerian economy if prices started to rise faster than they do now.
“The survey result showed that 44 per cent of the respondents believed that the economy would end up weaker, 14.2% stated that it would be stronger, 18.3% of the respondents believed it would make a little difference, while 22.8% did not know,” the report stated.
According to the report, the responses opined considerable support for price stability, as majority (44%) agreed that the economy will end up weaker.
It said the results were consistent with the notion that inflation constrained economic growth.
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