The Central Bank of Nigeria (CBN) has disclosed that 63.3 per cent of Nigerians favour a reduction in interest rates ahead of the Monetary Policy Committee (MPC) meeting scheduled for May 19–20, 2026.
According to the CBN’s April 2026 Inflation Expectations Survey Report, released by its Statistics Department under the Economic Policy Directorate, 26.0 per cent of respondents preferred that rates remain unchanged, while 10.7 per cent supported a further increase.
The survey showed a strong public preference for lower borrowing costs despite persistent inflationary pressures across the economy.
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“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 findings come as the apex bank prepares to decide on the Monetary Policy Rate (MPR) amid concerns over inflation, rising energy costs, exchange rate pressures and insecurity.
The report also indicated that inflation perception worsened in April 2026, with 67.2 per cent of respondents describing inflation as high, compared with 56.4 per cent in March. The Inflation Perception Index stood at 40.5 points, suggesting that respondents still view inflation as elevated.
Among households, the proportion 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.
Micro businesses recorded the highest inflation perception at 69.9 per cent, while medium-sized businesses reported the lowest at 63.2 per cent.
The survey further highlighted disparities across income groups. Households earning below N70,000 monthly recorded the highest inflation perception at 77.9 per cent, while those earning between N250,001 and N350,000 reported the lowest level at 46.6 per cent.
Rural households appeared more affected, with 70.4 per cent reporting high inflation perception, compared with 67.6 per cent of urban households.
Respondents identified energy costs, transportation expenses, exchange rate volatility, insecurity and infrastructure challenges as the major 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 noted.
Despite current concerns, respondents expressed cautious optimism about future price trends. While 58.5 per cent expected inflation to rise next month, the share of respondents anticipating a decline in inflation increased from 11.0 per cent for the next month to 20.4 per cent over the next six months.
The survey also showed that 67.9 per cent of respondents expect spending to increase in the current month, with businesses (69.0 per cent) slightly more likely than households (66.7 per cent) to project higher expenditure.
A total of 3,587 respondents participated in the survey, 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.
