Interest rates on bank loans rising — says 42% Nigerians

By Elizabeth Adegbesan

A Central Bank of Nigeria, CBN, survey has showed that 42.7 percent of respondents perceived interest rates on bank loans to be high in the past three months.

This formed the key highlight of the apex bank’s Consumer Expectation Survey report for February 2026.

The respondents made this remark when asked how the interest rate has changed over the past three months.

The survey report also showed that the majority of respondents preferred lower interest rates with 63% showing a desire for rates to decline.

Though consumers were optimistic in their sentiment about the macro-economy in February 2026 they expressed pessimism regarding their household financial situation during the period. The survey report stated: “The overall consumer sentiment in February 2026 stood at 0.8 index points compared to 2.8 index points recorded in January 2026. 

“The positive index marks the fourth consecutive month of recorded optimism. The Economic Condition index at 7.2 points in February 2026, signals sustained optimism about the broader economy.

“Family Financial Situation Index at -9.1 points, indicates respondents’ pessimism regarding their household financial situation in February 2026. “Family Income Sentiment recorded 4.3 index points in February 2026, indicating continued positive outlook.

“February 2026, the Consumer Sentiment Index on price changes stood at -9.9 points, down from 4.2 points in January 2026.

“This suggests a prevailing perception that prices are relatively high.

“The Consumer Sentiment Index for the average prices of selected items registered 23.7 points in February 2026, up from 22.6 points in January 2026. This suggests that prices remain elevated.”

“In February 2026, the index for food & other household items stood at -0.6 points, indicating that consumers view prices in this category as moderating downward.

“Nonetheless, 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.”

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