CBN Survey Shows Consumer Confidence Improves Slightly

Consumer confidence edged higher in June despite weak economic conditions, as Nigerian households remained cautious about spending and future financial decisions.

Nigeria’s consumer confidence improved slightly in June 2026, but households continued to express concern about the country’s economic conditions, according to the Central Bank of Nigeria (CBN) Household Expectations Survey.

The report showed that the Consumer Confidence outlook remained negative despite modest improvement. The Economic Conditions Index stood at -18.5 points, indicating that many households still viewed the current economic environment unfavourably. However, the Overall Consumer Sentiment Index rose to -14.6 points in June from -16.8 points in May, suggesting that confidence was gradually improving.

Households also reported a less negative view of their finances. The Family Financial Situation Index increased to -19.6 points from -22.7 points, while the Family Income Sentiment Index stood at -5.6 points, reflecting continued but moderate concern about household earnings.

Despite these improvements, respondents remained cautious about the short-term outlook. Expectations for July 2026 stayed negative at -3.4 points, largely because of concerns over family finances and broader economic conditions. However, confidence improved over the medium term, with the index reaching 3.1 points for September 2026 and 11.7 points over the next six months. The CBN linked this optimism to expected improvements in income, household finances and the wider economy.

The survey also showed that inflation concerns eased during the month. The Consumer Confidence measure for average prices declined to 28.9 points from 35.2 points, suggesting that households noticed slower increases in the prices of selected goods and services.

Even so, families continued to prioritise spending on food, transportation, household goods, education, and electricity and water. At the same time, respondents remained unwilling to buy expensive items such as houses, motor vehicles, household appliances and other durable goods.

The survey also found that 66.5 per cent of respondents believed the economy would weaken if inflation accelerated further. Meanwhile, 42.7 per cent expected bank lending rates to rise over the next three months, although 66 per cent preferred lower borrowing costs, and 49.7 per cent said they would accept lower interest rates even if inflation increased.

Do you think improving consumer confidence will soon translate into stronger household spending?