A recent Central Bank of Nigeria (CBN) survey shows that 42.7 percent of Nigerians perceive bank loan interest rates as high over the past three months. The findings are part of the CBN Consumer Expectation Survey for February 2026.
The survey revealed that 63 percent of respondents prefer lower interest rates, reflecting a strong desire for more affordable borrowing options. While consumers remain optimistic about the broader economy, many are concerned about their household finances.
The overall consumer sentiment index for February 2026 stood at 0.8 points, slightly lower than January’s 2.8 points, marking the fourth consecutive month of positive economic sentiment.
The Economic Condition Index recorded 7.2 points, showing optimism about Nigeria’s macro-economy, whereas the Family Financial Situation Index was -9.1 points, highlighting household financial challenges. Family Income Sentiment remained positive at 4.3 points.
Consumers also expressed concerns about rising prices. The Consumer Sentiment Index on price changes dropped to -9.9 points from 4.2 points in January 2026, indicating that Nigerians perceive prices as high.
The index for average prices of selected items rose slightly to 23.7 points from 22.6 points in January, suggesting that prices remain elevated.
For food and household items, the index stood at -0.6 points, showing a slight perception of price moderation. Despite this, consumers expect the average prices of selected items to rise over the next six months, with a projected index of 36.8 points.
The survey underscores growing concerns among Nigerians about high interest rates, inflation, and the impact on household finances, even as the broader economy shows positive trends.
