Nigerians Demand Rate Cuts Ahead of Central Bank MPC Meeting

The Central Bank of Nigeria released its April 2026 Inflation Expectations Survey Report, revealing that nearly two-thirds of respondents want borrowing costs reduced ahead of the Monetary Policy Committee meeting on May 19 and 20. Of the 3,587 firms and households surveyed, 63.3% favored a rate cut, while 26% preferred maintaining current rates and 10.7% supported a hike.

Despite the widespread desire for lower rates, 67.2% of respondents described inflation as high, pointing to energy costs, transportation, exchange rate pressures, and insecurity as the main drivers. Respondents expressed cautious optimism that inflation could moderate over the next six months.

Analysts, however, expect the MPC to resist public pressure. United Capital Plc projected the committee would likely retain its current tight monetary stance to contain inflation and preserve investor confidence. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, echoed that assessment while warning that further tightening risks stifling economic growth and private sector investment. The tension between public demand for relief and the central bank's inflation-fighting mandate sets the stage for a closely watched policy decision.