Nigerian Households Expect Rising Costs for Essentials, Avoid Big Purchases, Says Central Bank Survey

According to the Central Bank of Nigeria’s (CBN) latest “Household Expectation Survey,” Nigerians are bracing for higher costs in transportation, rent, medical care, and other essentials over the next six months. The survey shows that households plan to focus spending on basic needs such as food, education, and healthcare, while avoiding major purchases like homes and vehicles due to the ongoing economic pressures. With inflation and rising petrol prices, many have also turned to public transport to cope with the rising cost of living.