A new survey by the Central Bank of Nigeria (Central Bank of Nigeria) has revealed that a majority of Nigerians are calling for a reduction in interest rates ahead of the Monetary Policy Committee (MPC) meeting scheduled for May 19–20, 2026.
According to the bank’s April 2026 Inflation Expectations Survey Report, **63.3% of respondents** expressed preference for lower interest rates, while 26.0% wanted rates maintained at current levels. A smaller proportion, 10.7%, supported a further increase in rates.
The survey, published by the CBN’s Statistics Department, also highlighted strong public engagement with the bank’s communication, with 92.1% of respondents acknowledging awareness of CBN messaging and 93.3% describing it as transparent.
📊 Inflation concerns remain high
Despite the call for lower borrowing costs, inflation expectations remain elevated across the country. The report showed that **67.2% of respondents** described inflation as high in April 2026, up from 56.4% in March.
The Inflation Perception Index stood at 40.5 points, indicating sustained concerns about rising prices. Households and businesses alike reported worsening inflation conditions, with rural communities and low-income earners feeling the strongest impact.
📈 Key drivers of inflation
Respondents identified several major causes of rising prices, including:
* Energy costs ⚡
* Transportation expenses 🚗
* Foreign exchange pressures 💱
* Insecurity 🔒
* Poor infrastructure 🏗️
Micro businesses recorded the highest inflation perception at 69.9%, while households earning below ₦70,000 monthly reported the greatest burden, with 77.9% describing inflation as high.
🔮 Outlook
While current inflation remains a concern, the survey noted cautious optimism, with some respondents expecting gradual easing in price pressures over the next six months.
The findings come as the MPC prepares to decide whether to adjust the Monetary Policy Rate amid ongoing economic pressures, including inflation, currency instability, and energy costs.
