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As prices of goods and services continue to rise, Nigerians are spending their savings and getting into debt although many are, however, optimistic of improved economic conditions and increased income over the next six months.
According to the Central Bank of Nigeria (CBN) Household Expectations Survey for July which measured consumers' expectations, overall outlook of consumers in July 2024 was downbeat, as consumers anticipated drawing down on their savings or getting into debt.
The survey which was conducted during the period of July 22-26, 2024, with a response rate of 99.7 percent from a 1,665 sample size, showed that on average, more households expected increased expenditure on basic commodities and services across all periods under review.