The Central Bank of Nigeria (CBN) says 63.3 per cent of Nigerians want interest rates reduced ahead of the Monetary Policy Committee (MPC) meeting scheduled for May 19 and 20, 2026.
The apex bank disclosed this in its April 2026 Inflation Expectations Survey Report, released by its Statistics Department under the Economic Policy Directorate.
According to the report, while most respondents support lower borrowing costs, 26.0 per cent want rates retained, and 10.7 per cent prefer an increase. It added that public engagement with CBN communications remains high at 92.1 per cent, with 93.3 per cent of respondents describing the bank as transparent.
The report showed that inflation perception worsened in April, with 67.2 per cent of respondents describing inflation as high, up from 56.4 per cent in March. It added that the Inflation Perception Index stood at 40.5 points, indicating continued concerns over rising prices.
CBN noted that households were more affected than businesses, as 68.8 per cent of households reported high inflation compared to 65.9 per cent of businesses. Micro businesses recorded the highest inflation perception at 69.9 per cent, while medium-sized firms recorded the lowest at 63.2 per cent.
The report also revealed income disparities, with households earning below N70,000 monthly recording the highest inflation perception at 77.9 per cent. Rural households were more affected than urban residents, with 70.4 per cent reporting high inflation compared to 67.6 per cent in cities.
Respondents identified energy costs, transportation, exchange rate pressures, insecurity and infrastructure challenges as the major drivers of inflation. Despite this, many expressed optimism that inflationary pressures could ease over the next six months.
Economist and CEO of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the MPC may maintain a tight monetary stance due to inflation and liquidity pressures ahead of the 2027 elections, but warned that further tightening could hurt growth and private sector investment.
