Survey: 65% of Nigerians want lower rates as MPC convenes next week

As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) prepares to meet next week, new survey data show that a majority of Nigerians favour lower lending rates, even as concerns about inflation remain widespread.

This was according to the latest CBN’s January 2026 Household Expectations Survey.

The findings come ahead of the CBN’s 304th Monetary Policy Committee meeting scheduled for February 23 and 24, 2026, after the committee retained the Monetary Policy Rate at 27.00% at its last meeting in November 2025, following a 50 basis points cut in September.

What does the report say 

Findings from the CBN’s January 2026 Household Expectations Survey show that 65.0% of respondents believe lending interest rates should fall, while 12.2% prefer an increase and 15.1% want rates to remain unchanged. About 7.7% expressed no opinion

• The report read, “Majority of respondents prefer lower interest rates, with 65.0% indicating a desire for rates to decline.” 

The survey reveals a strong tilt towards easing monetary conditions, even where this may complicate inflation management.

When asked to choose between raising interest rates to keep inflation down or keeping rates low even if inflation rises, 50.1% said they would prefer a reduction in interest rates. In contrast, 41.8% opted for raising rates to contain inflation, while 8.2% had no view.

However, inflation fears remain significant.

A majority of respondents, 66.6%, said the Nigerian economy would be weak if prices began to rise faster than they currently are.

Only 9.6% believe the economy would end up stronger under such conditions, while 20.0% said it would make no difference.

The data suggest that while households are sensitive to rising prices, many are increasingly prioritising cheaper credit and economic relief over aggressive inflation control.

Consumer sentiment is positive, but major purchases are subdued 

Overall consumer sentiment remained in positive territory for the third consecutive month in January.

The Overall Consumer Sentiment Index stood at 2.8 points, down from 4.8 points recorded in December 2025. The Economic Condition Index was 7.4 points, reflecting sustained optimism about the broader economy, while Family Income Sentiment rose to 9.1 points.

In contrast, the Family Financial Situation Index remained negative at -8.2 points, indicating continued strain at the household level.

On price developments, perceptions improved in January. The Consumer Sentiment Index on price changes turned positive at 4.2 points, compared with -1.4 points in December, suggesting respondents see prices as moderating in the near term.

Spending intentions show that households remain focused on essential items. Food and other household items recorded the highest current month expenditure outlook at 62.7 index points, followed by education at 35.9 points and transportation at 23.4 points.

Over the next six months, food spending is projected to remain elevated at 63.6 points.

By contrast, appetite for high-value assets remains weak.

The Buying Intention Index for big-ticket items was 22.8 points in the current month, rising to 25.0 points over the next three months and 28.5 points over the next six months, all well below the 50-point threshold that indicates balance between buyers and non-buyers.

What you should know 

Nairametrics earlier reported that five members of the Central Bank of Nigeria’s Monetary Policy Committee voted for a 50-basis-point reduction in the Monetary Policy Rate at the November 2025 meeting, citing sustained disinflation, improving external buffers, and resilient economic growth.

• This is according to their personal statements published by the apex bank.
• The five dissenting members, representing 41.7% of the 12-member committee, proposed lowering the MPR from 27.0% to 26.5%, alongside an adjustment of the asymmetric corridor to +50/-450 basis points, while retaining all other prudential parameters.

However, the MPC ultimately voted by majority to retain the policy rate at 27.0%, reflecting continued caution over inflation risks despite recent macroeconomic improvements.

Survey: 65% of Nigerians want lower rates as MPC convenes next week  - Nairametrics