CBN: Nigerians Won’t Be Able To Afford New Houses And Cars

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Governor Godwin Emefiele of the CBN

In the next one year, Nigerians will not be able to afford new cars and houses. This is according to the Central Bank of Nigeria (CBN).

Revealing why Nigerians are reluctant to make new purchases of houses and cars, the apex bank, in its Consumer Expectations Survey for third quarter 2020, disclosed that Nigerians believe that the next one year is not the ideal period to acquire cars and houses – which are known as big-ticket (luxury).

The survey covered a sample size of 2,070 households drawn from 207 Enumeration Areas (EAs) across the country, with a response rate of 99.8 percent.

This revelation came as the respondents also stated that they believe unemployment will continue to rise in Nigeria.

“Majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items like consumer durables, motor vehicles and houses & lot more. Most consumers do not intend to buy big-ticket items in the next 12 months,” CBN stated.

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 Click This Link To See Full CBN Survey.

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