The Central Bank of Nigeria published its March 2025 Inflation Expectations Survey report, indicating that a larger proportion of respondents perceived inflation as slowing, with business respondents largely driving the shift in sentiment. Respondents generally expected inflation to remain stable over the next month and the next three months, while an easing in inflation was more likely over the next six months. Energy and transportation costs, the exchange rate and interest rates were identified as the main drivers shaping inflation perceptions. By segment, small businesses were most likely to view inflation as moderating, while households earning NGN 150,000–200,000 per month and rural residents were more likely to perceive moderating inflation. The survey also captured views on central bank actions and communications: 69.7% wanted interest rates reduced (19.4% unchanged and 10.9% raised), 98.8% said they follow CBN communications and 90.2% viewed them as transparent; 37.5% judged CBN announcements to have a significant impact on inflation and 46.4% a somewhat impact. In total, 3,565 respondents were interviewed (1,900 firms and 1,665 households), and the report notes the findings reflect respondent views rather than the CBN’s position.

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