63.3% of Nigerians Favor Interest Rate Cuts, CBN Survey

A survey conducted by the Central Bank of Nigeria (CBN) indicates that 63.3% of Nigerians want interest rates reduced, as the Monetary Policy Committee (MPC) prepares to meet on May 19-20, 2026. The survey, released in April 2026, shows a strong public engagement with the CBN, with 92.1% perceiving transparency and 93.3% expressing a desire for lower borrowing costs despite persistent inflationary pressures.

The survey found that 67.2% of respondents described inflation as high, a significant increase from 56.4% in March 2026. The inflation perception index stood at 40.5 points in April, indicating that many respondents consider inflation to be elevated.

Concerns about inflation were pronounced among households and businesses, with 68.8% of households perceiving high inflation in April. The major drivers of inflation identified were energy costs, transport, exchange rate pressures, and infrastructural challenges.

Despite these concerns, 58.5% of respondents expect inflation to increase in the coming month, while 67.9% anticipate rising expenditures.