The Future of Finances: How Nigerians Plan to Manage Their Money in the Coming Months

CBN Survey Reveals Nigerians’ Financial Woes: Savings and Investments to Take a Hit.

A recent survey by the Central Bank of Nigeria (CBN) has painted a bleak picture of the country’s economic outlook, with consumers planning to reduce their savings and investments in the coming months.

According to the CBN’s Household Consumer Expectation Survey Report for August 2024, Nigerians are feeling the pinch of rising prices and stagnant incomes, leading to a decrease in spending on big-ticket items like housing, cars, and appliances.

The survey also revealed that consumers have little intention of investing or saving, with many expecting to draw down on their savings or go into debt. This trend is expected to continue over the next three months, with consumers prioritizing essential expenses like food, education, and transportation.

Meanwhile, businesses and households are hopeful that the inflation rate will ease in the next six months, despite currently viewing it as too high. The CBN’s Inflation Expectation Survey Report also showed that most respondents expect the apex bank to reduce interest rates.

The survey’s findings highlight the struggles Nigerians are facing in making ends meet, with many feeling the effects of high inflation and economic uncertainty.