Approximately 74.2 percent of participants in the inflation expectations survey carried out by the Statistics Department of the CBN expressed the view that the central bank should have lowered the interest rate in July.

In contrast, 12.4 percent believed that an increase in the interest rate was warranted, while 13.4 percent preferred to keep the rates unchanged.

The CBN recently published the survey findings on its website. During its latest meeting, the Monetary Policy Committee of the CBN decided to raise the benchmark rate by 50 basis points to 26.75 percent, marking the fourth increase in a span of seven months.

CBN Governor Olayemi Cardoso indicated that this decision was a response to ongoing inflationary pressures.

He acknowledged the concerns regarding the effects of high interest rates on Nigerians and businesses but emphasized the necessity of maintaining a stringent approach to inflation.

Additionally, businesses and households surveyed indicated that the inflation rate in July was perceived as high, with many attributing the increases to fluctuations in energy prices, exchange rates, and transportation costs.

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

The central bank noted that the July survey was conducted from July 14 to 26, involving a sample of 1,600 businesses and 1,650 households across all 36 states and the Federal Capital Territory.

The Inflation Expectations Survey aims to capture insights into how businesses and households view current and future inflation trends, as well as the primary factors influencing inflation.