Interest Rate Debate Heats Up Ahead of MPC Meeting as Majority of Nigerians Demand Rate Cut

Here is a visual bar chart illustrating Nigerians’ interest rate expectations based on the July MPC Expectations Survey and a social media poll. It shows that:

62.4% of Nigerians surveyed by the CBN want interest rates reduced.

65.8% of respondents in social media polls also support lowering rates.

Meanwhile, 40.3% of Nigerians still favour retaining the current 27.5% MPR to fight inflation.

With the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) set to convene on July 22–23, recent data points to growing public pressure on the apex bank to reduce interest rates currently pegged at 27.5%.

According to the CBN’s June Household Expectations Survey, a significant 62.4% of Nigerians believe the current rate is too high and are calling for an immediate cut to ease the rising cost of credit and living.

Reinforcing this sentiment, a separate opinion poll conducted via social media platforms, including Instagram and Facebook, revealed that 65.8% of respondents also support a reduction in the interest rate.

Conversely, 40.3% of those surveyed believe the CBN should retain the current monetary policy rate to sustain its fight against inflation and maintain recent gains in currency stability.

Public Sentiment at a Glance

To better understand the breakdown, the pie chart below captures the percentage of respondents calling for either a rate cut or retention:

🟢 Support for Rate Cut (CBN Survey) – 62.4%

🔵 Support for Rate Cut (Social Media Poll) – 65.8%

🟡 Support for Rate Retention – 40.3%

(Note: Overlaps suggest consistent support across surveys for monetary easing.)

Business Voices Join the Call

For many business owners, particularly in the small and medium-scale sector, the call for a rate cut is not just economic—it is existential.

“I took out a loan two years ago to expand my production,” said Adaeze Onuoha, a Lagos-based fashion entrepreneur. “But repayment has become impossible under the current interest rate. A cut would offer us breathing space to grow and survive.”

Experts Urge Caution

Despite the mounting public pressure, monetary policy analysts suggest that the MPC may not make any drastic changes just yet. With inflation only recently beginning to moderate, many economists expect the Committee to maintain the current rate or adopt a slight adjustment.

“The CBN is under pressure, no doubt,” said a Lagos-based economist. “But they must also weigh the broader macroeconomic risks before loosening monetary conditions too quickly.”

What’s Next for Nigeria’s Interest Rate Policy?

The debate ahead of the MPC meeting reflects a critical crossroads: whether to maintain monetary discipline or ease policy to accommodate a struggling economy.

While a growing segment of the population wants relief, the CBN’s primary mandate to maintain price stability may keep the Committee cautious—at least for now.

As the countdown to the MPC meeting begins, one thing is certain: Nigerians are increasingly aware of how monetary policy affects their everyday lives, and they are demanding to be heard.

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