A new survey by the Central Bank of Nigeria has revealed that most Nigerians are in favour of a reduction in interest rates ahead of the Monetary Policy Committee meeting scheduled for May 19 and 20, 2026.
According to the CBN’s April 2026 Inflation Expectations Survey released by its Statistics Department, 63.3 per cent of respondents want borrowing costs reduced despite rising inflation across the country.
The report also showed that 26 per cent of respondents preferred interest rates to remain unchanged, while 10.7 per cent supported another increase.
The apex bank noted that many Nigerians remain engaged with its activities, with 92.1 per cent of respondents aware of the bank’s communications and 93.3 per cent believing the institution is transparent in its operations.
Meanwhile, concerns about inflation continued to rise in April. The survey found that 67.2 per cent of respondents described inflation as high, compared to 56.4 per cent recorded in March.
The CBN said the Inflation Perception Index stood at 40.5 points in April, showing that Nigerians still consider the current inflation rate to be severe.
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Households appeared more affected than businesses, as 68.8 per cent of households said inflation was high, up from 61.7 per cent in March. Among businesses, the figure rose from 51.9 per cent to 65.9 per cent.
Micro businesses recorded the highest inflation concerns at 69.9 per cent, while medium-sized businesses had the lowest at 63.2 per cent.
The report also highlighted differences across income levels. Nigerians earning below N70,000 monthly recorded the highest perception of inflation at 77.9 per cent, while those earning between N250,001 and N350,000 reported the lowest at 46.6 per cent.
Residents in rural areas also felt the impact more strongly, with 70.4 per cent reporting high inflation compared to 67.6 per cent in urban centres.
Respondents blamed rising energy costs, transportation expenses, exchange rate pressures, insecurity and poor infrastructure for the continued increase in prices.
Despite the challenges, many respondents expressed hope that inflation could ease within the next six months.
The survey further showed that 67.9 per cent of respondents expect spending to increase this month, with businesses slightly ahead of households in projected expenditure.
