CBN Survey Shows 61.5% of Nigerian Households Seek Lower Interest Rates by 2025

The Central Bank of Nigeria (CBN) survey indicates that 61.5% of households in Nigeria are advocating for lower interest rates by October 2025, citing concerns about rising borrowing costs and tightened credit conditions. The report highlights a growing demand for reduced interest rates to alleviate inflationary pressures and support household spending and business activities.

During the 302nd meeting in Abuja, CBN Governor Olayemi Cardoso explained the adjustments made to ease monetary conditions cautiously. The Monetary Policy Committee (MPC) also modified the corridor around the benchmark rate and retained the cash reserve ratio for commercial and merchant banks.

Nigeria's headline inflation rate eased to 18.02% in September from 20.12% in August, showing a year-on-year decline.