63% of Nigerians Demand CBN Cut Interest Rates as Living Costs Soar

A recent Central Bank survey shows 63.3% of Nigerians want a cut in interest rates ahead of the Monetary Policy Committee meeting on May 19–20, 2026. Many citizens say high borrowing costs and rising prices are making life difficult. The report highlights sharper inflation concerns in April, with 67.2% describing it as “high” compared to 56.4% in March. Low-income earners under ₦70,000 and rural households feel most of the pain. Small businesses also report serious pressure from fuel, transport and exchange rate challenges. Economist Muda Yusuf warns that further rate hikes could stifle investments, harm small firms and slow growth. He argues supply issues—poor infrastructure, energy gaps and transport problems—are the main drivers of inflation. Analysts at a leading investment firm expect the central bank to maintain current rates. For now, Nigerians await the MPC decision with hope for relief.

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