Four in ten Nigerians report an increase in borrowing costs from banks

A recent survey by the Central Bank of Nigeria, CBN, revealed that 42.7 percent of respondents considered interest rates on bank loans to be high over the past three months, a key finding in the apex bank's Consumer Expectation Survey report for February 2026.

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This perception was gathered from respondents who were asked to describe the change in interest rates over the past three months, with the majority, 63%, expressing a desire for lower interest rates.

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Despite optimism about the macro-economy, consumers were pessimistic about their household financial situation in February 2026, reflecting a disconnect between their broader economic outlook and personal financial concerns.

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The overall consumer sentiment in February 2026 stood at 0.8 index points, a decline from 2.8 index points in January 2026, marking the fourth consecutive month of recorded optimism.

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The Economic Condition index, which signaled sustained optimism about the broader economy, was recorded at 7.2 points in February 2026, indicating a positive outlook.

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In contrast, the Family Financial Situation Index, which stood at -9.1 points in February 2026, indicated that respondents were pessimistic about their household financial situation during the period.

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A positive outlook was recorded for Family Income Sentiment, with 4.3 index points in February 2026, suggesting continued optimism about income.

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The Consumer Sentiment Index on price changes declined to -9.9 points in February 2026, down from 4.2 points in January 2026, suggesting that prices are perceived as relatively high.

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The index for the average prices of selected items rose to 23.7 points in February 2026, up from 22.6 points in January 2026, indicating that prices remain elevated.

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However, the index for food and other household items stood at -0.6 points in February 2026, indicating a moderation in prices in this category.

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Looking ahead, consumers expect that the average prices of selected items may rise over the next six months, as indicated by an index of 36.8 points.