Consumer confidence in Nigeria deteriorated sharply in September 2026, with households becoming increasingly pessimistic about prices, finances and their ability to make major purchases.
The Central Bank of Nigeria’s latest Household Expectation Survey showed that the Consumer Sentiments Index fell to -18.7 points in September, from -9.9 points in August.
The latest reading points to a growing squeeze on household budgets as Nigerians continue to adjust their spending around rising prices and essential needs.
Brandspur Banking News Desk reports that the CBN’s price sentiment index rose to 33.5 points during the month, compared with 23.0 points in August, indicating that more households expected prices to increase.
The survey also found that 61.1 per cent of respondents believed faster price increases would have a negative effect on the economy.
With household finances under pressure, food remained the biggest spending priority, followed by household goods, education, transportation and utilities. The pattern suggests that families are concentrating limited income on necessities while postponing less urgent spending.
That caution was particularly evident in demand for expensive goods and assets. The average Buying Conditions Index stood at 24.4 points, while the Buying Intention Index was even weaker at 16.6 points. Both remained well below the 50 point neutral threshold.
Households were reluctant to commit money to major purchases, including houses, motor vehicles, investments and consumer durables.
The findings could have wider implications for businesses that depend on discretionary consumer spending, as households with tighter budgets are more likely to delay purchases or redirect income towards basic needs.
The survey also showed that Nigerians remain divided over the direction of interest rates. While 62.2 per cent of respondents preferred lower lending rates to make borrowing easier, 45.1 per cent supported higher rates.
Despite the weak September reading, households expect conditions to improve gradually. Consumer confidence is projected to rise to -8.7 points next month and -0.4 points within three months, before moving into positive territory at 7.1 points in six months.
For now, however, the CBN survey shows that concerns about prices, borrowing costs and household finances continue to weigh heavily on consumer confidence, leaving many Nigerians cautious about spending beyond their immediate needs.
