The Central Bank of Nigeria (CBN) has published its Consumer Expectations Survey for February 2026, which found that 42.7% of respondents said interest rates on bank loans had increased over the past three months. The report is dated 16 March 2026 on the CBN website.
RATE EXPECTATIONS
About 63% said they would prefer interest rates to decline.
The overall consumer sentiment index fell to 0.8 points in February from 2.8 points in January 2026. Households were more downbeat about their own circumstances, with the family financial situation index at minus 9.1 points.
POLICY BACKDROP
The survey was conducted as the CBN under Governor Olayemi Cardoso was easing monetary policy. On 24 February 2026, the Monetary Policy Committee cut the benchmark Monetary Policy Rate by 50 basis points to 26.5% from 27%.
Official figures from the National Bureau of Statistics, released on 16 March, put headline inflation at 15.06% in February 2026, down marginally from January. The committee's next meeting was scheduled for 19 and 20 May 2026.
The CBN's Consumer Expectations Survey is published monthly and gathers households' opinions on likely economic developments, including their financial situation, expected expenditure and income. In February, respondents' sentiment on price increases fell to minus 9.9 points from 4.2 points in January, reflecting perceptions of elevated prices, while they expected further price rises over the following six months.