As the Central Bank of Nigeria prepares for its 304th Monetary Policy Committee meeting on February 23 and 24, 2026, fresh survey findings show that a majority of Nigerians favour lower lending rates despite ongoing inflation concerns. According to the January 2026 Household Expectations Survey, 65 percent of respondents want interest rates reduced, while 12.2 percent prefer an increase and 15.1 percent support keeping rates unchanged. The MPC had retained the Monetary Policy Rate at 27.0 percent in November 2025, following a 50-basis-point cut in September.
The survey highlights a clear tilt toward looser monetary conditions. About 50.1 percent of respondents said they would prefer lower rates even if inflation accelerates, compared with 41.8 percent who support raising rates to curb price pressures. Nonetheless, inflation fears remain significant, with 66.6 percent stating that faster price growth would weaken the economy.
Consumer sentiment stayed positive for the third consecutive month in January, though it moderated to 2.8 points from 4.8 in December. Households continue to prioritise essential spending, particularly on food, while demand for big-ticket items remains subdued, reflecting cautious discretionary spending.
