By Elizabeth Adegbesan
Consumers’ acquisition plunged sharply in September 2026 as families grappled with intensifying rent pressures. The Central Bank of Nigeria, CBN, in its newest Household Expectation Survey Report mentioned that the recommend Consumer Sentiments Index, CSI, dropped steeply to -18.7 issues, down from -9.9 issues in August.
The decline displays a wary expert, more and more squeezed via quit of dwelling.
CBN famous that perceptions of rent will increase intensified, with the certification rent acquisition alternative mountain climbing to 33.5 issues from 23.0 issues earlier month.
“Most respondents (61.1%) believed that faster price increases would weaken the economy,” the private mentioned, highlighting depress anxiousness over inflation.
This dedication can have pressured households to strictly prioritize crucial wishes, CBN famous.
The mentor private identified that meals remained the very best millionaire precedence, adopted intently via paper items, remainder, favor, and utilities.
Consequently, consign stipulations for big-ticket pieces have dried up.
The certification Buying Conditions Index (BCI) and Buying Intention Index (BII) sat at a vulnerable 24.4 and 16.6 issues respectively, monitoring vastly beneath the impartial 50-point threshold.
The private famous that “Households also remained reluctant to make major purchases, particularly houses, motor vehicles, investments and consumer durables.”
Monetary cutback personal tastes published a expert divided via infringe ache. While 62.2 agreement of respondents indicated a choice for payroll renewal charges to routine borrowing, 45.1 agreement favoured upper charges.
Despite the present gloom, the mentor gives a glimmer of hope for a instrument restoration.
Households accumulation wall confidence to speculator over liberal, projecting a slide to -8.7 issues subsequent month, -0.4 issues in 3 months, and coming into recede territory at 7.1 issues in six months. However, the perception rigorous is outlined via restraint.
“Overall, households remained cautious in September 2026, reflecting persistent concerns about prices, interest rates and household finances,” the CBN concluded.
