CBN Reports Decline in Nigerian Consumer Sentiment in 2026

In September 2026, the Central Bank of Nigeria (CBN) reported a significant decline in consumer sentiment among Nigerian households, with the Overall Consumer Sentiments Index falling to -18.7 index points from -9.9 points in August. This decline reflects a growing pessimism regarding economic and family financial conditions, leading households to prioritize essential spending over major purchases.

The survey indicated that households were reluctant to commit significant portions of their income to high-value purchases, including houses, motor vehicles, and investments, with purchase intentions remaining below the neutral threshold of 50.0. The CBN noted that while sentiment across most expenditure categories is expected to strengthen slightly over the next six months, the current outlook remains negative, with households reporting a stronger perception of price increases.

The share of households perceiving high inflation rose to 77.2% in September, up from 67.2% in August, particularly affecting those earning below N70,000.