A striking 63.3% of Nigerians want the Central Bank to cut interest rates, according to a survey released on May 18, 2026. The Monetary Policy Committee (MPC) is preparing to meet on May 19-20, 2026, to decide on the Monetary Policy Rate.

The survey, conducted by the Central Bank's Statistics Department, found that 26% of respondents wanted interest rates to stay the same. It also found that 10.7% supported a further rate hike. The Central Bank noted that most respondents preferred lower borrowing costs, despite persistent inflationary pressures across the economy. They don't want high interest rates to discourage borrowing.

The survey revealed a worsening inflation perception in April 2026, with 67.2% of respondents describing inflation as high. This is up from 56.4% in March 2026. The Inflation Perception Index stood at 40.5 points in April, indicating that respondents still considered inflation elevated. It's clear that inflation is a major concern for Nigerians.

Households earning below N70,000 monthly recorded the highest inflation perception at 77.9%. Respondents earning between N250,001 and N350,000 reported the lowest perception of high inflation at 46.6%. Rural households were also more affected, with 70.4% reporting high inflation perception. This is compared to 67.6% among urban households. They're more likely to feel the effects of inflation.

Respondents identified energy costs, transportation, exchange rate pressures, insecurity, and infrastructure challenges as the top factors fuelling rising prices. The report stated, "Business and household respondents identified energy, transportation, exchange rate, and infrastructure as the major drivers of their perceptions of inflation." These factors can't be ignored.

"The survey revealed high public engagement with CBN communications (92.1%), a general perception of transparency (93.3%), and a strong desire for a reduction in interest rates (63.3%)."

The survey covered 3,587 respondents. It comprised 1,923 firms and 1,664 households selected from the National Bureau of Statistics establishment frame and the National Population Commission’s National List of Enumeration Areas. This is a significant sample size, and it's likely that the results are representative of the broader population.

The MPC meeting on May 19-20 will be crucial in determining the direction of interest rates in Nigeria. The Central Bank will have to balance the need to control inflation with the desire to support economic growth. They won't take this decision lightly, as it will have far-reaching consequences.

So, who is the Central Bank Governor, and what is his stance on interest rates? Olayemi Cardoso is the current Governor of the Central Bank of Nigeria, appointed to the role in 2024. His views on interest rates have been closely watched, given the current economic conditions. He's been in the role for a while now, and his decisions will be crucial.

The decision on interest rates is not just about the Governor's views, but also about the broader economic conditions in Nigeria. The country is facing high inflation, rising energy costs, and exchange rate pressures. All of these factors will be taken into account by the MPC. They can't afford to ignore them.

  • 63.3% of Nigerians want interest rates reduced
  • 26% want interest rates to stay the same
  • 10.7% support a further rate hike
  • Inflation Perception Index stood at 40.5 points in April
  • Households earning below N70,000 monthly recorded the highest inflation perception at 77.9%

A cut in interest rates could lead to lower borrowing costs, which could support economic growth. However, it could also lead to higher inflation, which would affect the purchasing power of Nigerians. They don't want to see their purchasing power decline. It's a delicate balance, and the Central Bank will have to weigh the pros and cons carefully.

The Central Bank's decision on interest rates will be closely watched, given the current economic conditions in Nigeria. The bank will have to balance the need to control inflation with the desire to support economic growth. It's not an easy decision, but it's one that they can't avoid. The Central Bank won't make a decision without considering all the factors, and they'll have to be careful not to disrupt the economy.