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Rising inflation will weaken economy-CBN

by Kunle Awosiyan

A new survey by the Central Bank of Nigeria has revealed that Rising inflation will weaken the country’s economy,

The statistics department of the CBN disclosed in its inflation attitudes survey report for the fourth quarter of 2020 that respondents believed that the economy would end up weaker if prices started to rise faster.

Given a trade-off between inflation and interest rates, more respondents preferred interest rates to fall than inflation rate, the survey showed.

The report showed that majority of the respondents had no idea who influenced the direction of interest rates in Nigeria.

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