A clear majority of Nigerians are demanding lower borrowing costs as the Central Bank of Nigeria prepares for a crucial Monetary Policy Committee meeting.

According to the CBN’s latest Inflation Expectations Survey, 63.3 per cent of respondents want interest rates reduced, underscoring growing public frustration with the cost of credit amid unrelenting price increases. Only 26 per cent favour keeping rates unchanged, while 10.7 per cent support further tightening.

The survey, conducted by the bank’s Statistics Department under the Economic Policy Directorate, also shows that Nigerians are closely tracking the apex bank’s actions. Public engagement with CBN communications was put at 92.1 per cent, with 93.3 per cent of respondents describing the bank as transparent, even as they press for relief on lending rates.

Inflation perceptions, however, remain grim. In April, 67.2 per cent of respondents said inflation was high, up sharply from 56.4 per cent in March. The Inflation Perception Index stood at 40.5 points, confirming that most households and businesses still see prices as elevated.

Households reported the worst hit: those who viewed inflation as high rose from 61.7 per cent in March to 68.8 per cent in April. Among businesses, the figure climbed from 51.9 per cent to 65.9 per cent. Micro enterprises recorded the highest inflation perception at 69.9 per cent, compared with 63.2 per cent for medium-sized firms.

The burden is heaviest on low-income and rural Nigerians. Households earning below N70,000 monthly posted a 77.9 per cent high-inflation perception, while those in the N250,001–N350,000 band reported the lowest at 46.6 per cent. Rural households (70.4 per cent) were more likely than urban households (67.6 per cent) to say inflation was high.

Respondents identified energy costs, transportation, exchange rate pressures, insecurity, logistics bottlenecks, and weak infrastructure as the main drivers of rising prices, pointing to deep structural problems rather than excess consumer demand.

Despite the bleak readings, there is cautious optimism that inflation could ease over time. While 58.5 per cent expect prices to rise further in the next month and more than half foresee increases over the next three and six months, the share of respondents anticipating a decline in inflation grows from 11 per cent in the near term to 20.4 per cent over six months.

The survey covered 3,587 respondents, including 1,923 firms and 1,664 households drawn from official national sampling frames, providing a broad snapshot of sentiment as policymakers weigh whether to sustain tight monetary conditions or begin easing to support growth.