63% OF NIGERIANS WANT INTEREST RATE CUT, CBN SURVEY FINDS, MPC MEETS TOMORROW

April inflation expectations survey released ahead of 305th MPC meeting; analysts project rate hold

Sixty-three percent of Nigerians are calling on the Central Bank of Nigeria to reduce interest rates, according to the CBN's own April 2026 Inflation Expectations Survey, released ahead of the Monetary Policy Committee's two-day meeting beginning Tuesday.

The survey, published by the CBN's Statistics Department under the Economic Policy Directorate, found that 63.3 per cent of respondents favour a reduction in the Monetary Policy Rate, 26 per cent prefer rates remain unchanged, and 10.7 per cent support a further hike. The current MPR stands at 26.5 per cent following a 50-basis-point reduction at the 304th MPC meeting in February.

The Inflation Perception Index stood at 40.5 points in April 2026, reflecting continued public perception of elevated prices. The proportion of households reporting high inflation rose to 68.8 per cent from 61.7 per cent in March, while the figure for businesses climbed from 51.9 per cent to 65.9 per cent. Micro businesses recorded the highest inflation perception at 69.9 per cent.

Economist Muda Yusuf, Chief Executive of the Centre for the Promotion of Private Enterprise, cautioned that further monetary tightening would increase borrowing costs, weaken manufacturing competitiveness, suppress small business growth, and slow investment. He said the MPC must adopt "a carefully calibrated and balanced monetary policy stance" that avoids excessive tightening.

Despite the public preference for cuts, analysts at United Capital project the MPC will hold rates steady at 26.5 per cent at this week's meeting, citing rising election-related fiscal liquidity risks ahead of the 2027 general elections and persistent inflationary pressures linked to global energy costs.