“Things Are Too Expensive” — 63% Of Nigerians Want Lower Interest Rates, CBN Report Reveals

 

A new report released by the Central Bank of Nigeria has shown that many Nigerians are struggling with the current economic situation and want interest rates reduced.

According to the report, about 63.3 percent of Nigerians said they want the Central Bank to lower interest rates ahead of the Monetary Policy Committee (MPC) meeting scheduled for May 19 and 20, 2026.

The survey, which was carried out by the CBN’s Statistics Department, revealed growing concerns over inflation, rising food prices, transportation costs, exchange rate pressure, insecurity, and the overall cost of living in the country.

Many Nigerians believe borrowing money has become too expensive, while businesses are also finding it difficult to survive under the current economic conditions.

Nigerians Say Inflation Is Getting Worse

The report showed that inflation concerns increased sharply in April 2026.

About 67.2 percent of respondents described inflation as “high,” compared to 56.4 percent recorded in March.

Households were affected the most, especially low-income earners and people living in rural areas.

According to the survey:

• Nigerians earning below ₦70,000 monthly felt the highest impact of inflation.

• Rural households complained more about rising prices than urban residents.

• Small businesses also reported serious pressure due to rising costs.

Respondents blamed:

• Fuel and energy costs

• Transportation

• Exchange rate problems

• Poor infrastructure

• Insecurity

for the continued increase in prices across the country.

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Economists Warn CBN

Economic experts have also warned the CBN to be careful with further interest rate hikes.

Economist Muda Yusuf said the Nigerian economy is still fragile and that increasing rates again could damage businesses, reduce investments, and slow economic growth.

According to him, Nigeria’s inflation problem is mostly caused by supply issues like transportation, energy, and infrastructure — not because Nigerians are spending too much money.

He warned that tighter monetary policies may hurt:

• Small businesses

• Manufacturing

• Job creation

• Private investments

Analysts at United Capital Plc also predicted that the CBN may decide to maintain the current interest rate despite rising inflation concerns.

Nigerians Waiting For MPC Decision

The Monetary Policy Committee is expected to announce its decision after its May 19–20 meeting.

Many Nigerians are now hoping the apex bank will introduce policies that can reduce economic hardship and improve living conditions.

With food prices, fuel costs, rent, and transportation continuing to rise, many citizens say they are simply trying to survive.

For now, all eyes remain on the CBN as Nigerians wait to see what decision will be made in the coming days.

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