The Central Bank of Nigeria (CBN) has reported that businesses expect further depreciation of the naira this month and in the first quarter of 2025, despite expressing optimism about the macroeconomic environment.
In its November 2024 Business Expectation Survey Report, the CBN noted that firms were pessimistic about business activities, financial conditions, access to credit, total orders, and average capacity utilisation. However, businesses indicated plans to increase hiring in December, with the agriculture sector showing the highest potential for expansion.
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Similarly, the CBN’s latest Consumer Expectation Survey Report revealed that households were pessimistic about the economy in November, projecting increases in transportation costs, rent, car purchases, housing, and medical expenses.
The survey also showed that 61.1% and 57.6% of respondents believe that prices of non-durable and durable household items, though currently high, may decline this month and next month, respectively.
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