61.5% of Nigerian Households Call for Lower Interest Rates by October 2025, CBN Survey Reveals

A recent survey conducted by the Central Bank of Nigeria (CBN) reveals that a significant majority of Nigerian households are pushing for lower interest rates. According to the Household Expectations Survey, 61.5% of respondents expressed a desire for interest rates to decline by October 2025, reflecting growing concerns over the rising cost of borrowing.

The survey shows that 42.5% of Nigerians are calling for interest rate cuts even if such reductions might trigger higher inflation. This highlights a widespread demand for more affordable credit to support household spending, small business activities, and overall financial stability across the country.

Over the past three months, households have reported noticeable increases in bank loan interest rates. While these hikes align with monetary policy measures aimed at curbing inflation, they have also made credit less accessible for individuals and small businesses. Analysts note that many small and medium-sized enterprises are struggling with loan affordability and working capital challenges due to the tightening credit environment.

In response to moderating inflation and improving macroeconomic indicators, the CBN reduced its Monetary Policy Rate (MPR) by 50 basis points at its 302nd meeting in Abuja, bringing it down from 27.5% to 27%. The Committee also adjusted the asymmetric corridor around the benchmark rate to +250/-250 basis points and maintained the Cash Reserve Ratio for commercial banks at 45% and 16% for merchant banks.

Data from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation eased to 18.02% in September 2025, down from 20.12% in August. Year-on-year, inflation was 14.68 percentage points lower than September 2024, when it stood at 32.70%. This easing trend, combined with public demand for lower interest rates, puts pressure on policymakers to balance economic growth with inflation control.

source: Nairametrics