The benchmark rate was increased by 50 basis points to 26.75 percent by the Monetary Policy Committee of the CBN at its most recent meeting, marking the fourth increase in as many months.

The increase, according to CBN Governor Olayemi Cardoso, was a reaction to the ongoing pressures of inflation.

He clarified that although the CBN was worried about how the high interest rate environment would affect Nigerians and companies, it was crucial to stick to its tightening of inflation policies.

Businesses and households surveyed also thought that July’s inflation rate was high. The majority of respondents thought that changes in the energy price, exchange rate, and transportation sector were the main causes of July’s inflation.

According to the National Bureau of Statistics, Nigeria’s inflation decreased to 33.40 percent in July from 34.19 percent the previous month.

According to the central bank, the July survey was carried out among a sample of 1,600 and 1,650 households, respectively, in chosen enterprises across the 36 states of the federation as well as the Federal Capital Territory, from July 14 to July 26.

The IES seeks to learn more about how families and companies view the main causes of inflation as well as present and future inflation trends.