65% of Nigerians Favor Lower Lending Rates Ahead of MPC

A survey conducted ahead of the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) meeting scheduled for February 23-24, 2026, reveals that 65% of Nigerians favor a reduction in lending interest rates. The MPC retained the monetary policy rate at 27.00% during its last meeting in November 2025, following a 50 basis point cut in September.

The survey shows that 12.2% of respondents prefer an increase in rates, while 15.1% want rates to remain unchanged, and 7.7% expressed no opinion. When asked about managing inflation, 50.1% prefer reducing interest rates, contrasting with 41.8% who would opt for raising rates to contain inflation.

Despite inflation fears, which 66.6% of respondents acknowledge, the overall consumer sentiment index improved for the third consecutive month in January, standing at 2.8 points. The household expenditure outlook remains focused on essential items, with food spending projected to remain high at 63.6 points.

The MPC's decisions reflect ongoing caution regarding inflation risks despite recent macroeconomic improvements.