Ahead of the Monetary Policy Committee (MPC) meeting scheduled for May 19 and 20, 2026, the Central Bank of Nigeria (CBN) has said that 63.3 per cent of Nigerians want interest rates reduced.
This was contained in its April 2026 Inflation Expectations Survey Report, released by the bank’s Statistics Department under the Economic Policy Directorate and published on its website.
The report showed that 26.0 per cent of respondents preferred interest rates to remain unchanged, while 10.7 per cent supported a further increase.
It also noted that despite persistent inflationary pressures in the economy, most respondents favoured lower borrowing costs.
“The survey revealed high public engagement with CBN communications (92.1 per cent), a general perception of transparency (93.3 per cent), and a strong desire for a reduction in interest rates (63.3 per cent),” the report stated.
The development comes as the apex bank prepares to announce a fresh decision on the Monetary Policy Rate during its meeting on Tuesday and Wednesday, amid concerns over inflation, rising energy costs, exchange rate pressures, and insecurity.
According to the survey, inflation perception worsened in April 2026, with 67.2 per cent of respondents describing inflation as high, up from 56.4 per cent in March.
The Inflation Perception Index stood at 40.5 points in April, indicating that respondents still viewed inflationary pressures as elevated.
The report added that the share of households perceiving inflation as high rose from 61.7 per cent in March to 68.8 per cent in April, while the figure for businesses increased from 51.9 per cent to 65.9 per cent over the same period.
By business size, micro enterprises recorded the highest inflation perception at 69.9 per cent, while medium-sized firms reported the lowest at 63.2 per cent.
The survey also highlighted disparities across income groups. Households earning below ₦70,000 monthly recorded the highest inflation perception at 77.9 per cent, while those earning between ₦250,001 and ₦350,000 reported the lowest at 46.6 per cent.
Rural households were more affected, with 70.4 per cent reporting high inflation perception compared to 67.6 per cent in urban areas.
Respondents identified energy costs, transportation, exchange rate pressures, insecurity, and infrastructure deficits as the main drivers of inflation.
“Business and household respondents identified energy, transportation, exchange rate, and infrastructure as the major drivers of their perceptions of inflation,” the report stated.
Despite current pressures, respondents expressed cautious optimism that inflation may moderate over the next six months.
The survey showed that 58.5 per cent expect inflation to rise next month, while 56.7 per cent and 54.4 per cent expect increases over the next three and six months, respectively. However, the proportion expecting a decline rose gradually from 11.0 per cent next month to 20.4 per cent over six months.
It also found that 67.9 per cent of respondents expect their spending to increase in the current month, with businesses (69.0 per cent) slightly higher than households (66.7 per cent).
The survey sampled 3,587 respondents, comprising 1,923 firms and 1,664 households, drawn from the National Bureau of Statistics establishment frame and the National Population Commission’s National List of Enumeration Areas.
