Ahead of the Monetary Policy Committee meeting scheduled for May 19 and 20, 2026, the Central Bank of Nigeria has said that 63.3 per cent of Nigerians want interest rates reduced.
In its April 2026 Inflation Expectations Survey Report, released by its Statistics Department under the Economic Policy Directorate on its website, 26.0 per cent of respondents wanted interest rates retained at current levels, while 10.7 per cent supported a further rate hike.
The apex bank also noted that most respondents preferred lower borrowing costs despite persistent inflationary pressures across the economy.
It stated, “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 development comes as the apex bank prepares to take another decision on the Monetary Policy Rate between Tuesday and Wednesday amid inflation concerns, 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 recorded in March 2026.
Inflation Perception Index stood at 40.5 points in April, indicating that respondents still considered inflation elevated. It stated, “The Inflation Perception Index stood at 40.5 points in April 2026, suggesting that respondents still perceive inflation as high.”
It stated that the proportion of households that perceived inflation as high increased from 61.7 per cent in March to 68.8 per cent in April, while the figure for businesses rose from 51.9 per cent to 65.9 per cent within the same period.
Micro businesses recorded the highest inflation perception at 69.9 per cent, while medium businesses had the lowest at 63.2 per cent. The survey also revealed a sharp disparity across income groups.
Households earning below N70,000 monthly recorded the highest inflation perception at 77.9 per cent, while respondents earning between N250,001 and N350,000 reported the lowest perception of high inflation at 46.6 per cent.
Rural households were also more affected, with 70.4 per cent reporting high inflation perception compared to 67.6 per cent among urban households. On the major drivers of inflation, respondents identified energy costs, transportation, exchange rate pressures, insecurity, and infrastructure challenges as the top factors fuelling rising prices.
The report stated, “Business and household respondents identified energy, transportation, exchange rate, and infrastructure as the major drivers of their perceptions of inflation.”
Respondents, however, expressed optimism that inflationary pressures could moderate over the next six months, despite the current inflation concerns.
A total of 58.5 per cent of respondents expected inflation to increase next month, while 56.7 per cent and 54.4 per cent expected inflation to rise over the next three and six months, respectively. However, the proportion expecting inflation to decline increased steadily from 11.0 per cent for next month to 20.4 per cent over the next six months.
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The report showed that 67.9 per cent of respondents expected spending to rise in the current month, with businesses recording slightly higher expenditure expectations at 69.0 per cent compared to 66.7 per cent for households.
The survey covered 3,587 respondents comprising 1,923 firms and 1,664 households selected from the National Bureau of Statistics establishment frame and the National Population Commission’s National List of Enumeration Areas.
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