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Survey Shows Consumer Confidence on Decline

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The Portfolio of Indices report released by NOIPolls Limited has revealed Consumer Confidence Index for March shows a significant 12-points decline from February 2014 results.

These are the key highlights from the March Portfolio of Indices Press Release.

Furthermore, NOIPolls Personal Well-Being Index stands at 41% in March 2014 indicating a 1-point drop from February.

In February 2014, NOIPolls officially unveiled its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI).

The NOIPolls Personal Well-Being Index measures factors impacting on the lives of everyday Nigerians; thereby producing a complete view of the individual’s personal well-being.

The NOIPolls Consumer Confidence Index provides consumer assessments of the economic situation and their intentions and expectations for the future.

The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations of the Nigerian business environment using the top 30 companies in the country.

Nigerian businesses, financial and government agencies largely depend on their perceptions and micro assessment of consumers’ expectation in making decisions, NOIPolls Limited stated.

At best, they draw conclusion on the business environment based on information from their immediate surroundings while the minority conduct surveys that are time and money consuming.

However, the introduction of these indices provides indicators that will ensure stakeholders can detect and respond to changes in consumer behavior, the economy and the business environment in Nigeria.

Specifically on Consumer Confidence Index (CCI), the result indicates that consumers remain somewhat positive about their personal state and stability of the economy.

In general, this should lead to the purchase of more goods and services and eventually stimulate economic growth.

The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI).

In March, the Present Situation Index of 58.57 shows that Nigerians feel slightly good about their present personal and economic situation. Similarly, the Expectation Index score of 76.2 reveals that consumers are highly optimistic about the future.

Trend analysis shows that the overall CCI dropped by 12-points; the Present Situation Index increased by 2-points while the Expectation Index experienced a highly significant 20-points decline.

This drop shows that Nigerians have significantly lowered their expectations for the future by March compared to February 2014.

This can be linked to 2013 PWBI results conducted by NOIPolls that suggests Nigerians start the year being highly optimistic and this gradually drops over the course of the year as the reality of their present situation encroaches on their future expectations.

This is significant in the light of March CCI results where the Expectation Index experienced a sharp decline and the Present Situation Index experienced a slight increase.

Quarterly trend analysis shows that the consumer confidence index of Nigerians experienced a total decline of 15.3-points over the first quarter of 2014.

 


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General News

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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News

WHO Says Ebola Outbreak Worse than Reported

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World Health Organisation (WHO) at the weekend declared the Ebola outbreak linked to the rare Bundibugyo virus strain a global public health emergency.

WHO Says Ebola Outbreak Worse than Reported

WHO said there is currently no approved vaccine or specific treatment for this strain of Ebola.

At home, Nigeria Centre for Disease Control and Prevention (NCDC) said there is “no confirmed case of Ebola Virus Disease in Nigeria” but had  tightened surveillance against the deadly virus.

The outbreak, linked to the rare Bundibugyo strain of Ebola, has already caused dozens of deaths in Congo and spread into Uganda, raising fears of wider transmission across the region.

In response, Nigeria Centre for Disease Control and Prevention said that the country remains on alert because of growing movement across African borders.

Jide Idris, director-general said the agency was “closely monitoring the situation” and working with the Port Health Services and other health agencies to strengthen preparedness nationwide.

He added that surveillance has been increased at entry points and within Nigeria’s health system.

According to the WHO, the outbreak has recorded more than 240 suspected cases and about 80 suspected deaths in Congo’s Ituri province, while imported cases have also been confirmed in Uganda’s capital, Kampala.

The WHO said the outbreak is “extraordinary” because of uncertainty around the true number of infections and the lack of approved medical countermeasures for the Bundibugyo strain.

Health authorities advised Nigerians to maintain proper hygiene, avoid contact with infected persons and report symptoms such as fever, weakness, vomiting and bleeding to the nearest health facility immediately.

Nigeria was declared Ebola-free in 2014 after successfully containing an outbreak brought into the country by an infected traveler from Liberia.

 

 


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E-Financial

Chapel Hill Denham Says Banks Lose N2.5 Trillion Annually to High CRR in New Report

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Nigeria’s banking sector is losing an estimated N2.5 trillion in annual earnings due to the Central Bank of Nigeria’s high Cash Reserve Ratio (CRR) policy, according to a new report by Chapel Hill Denham.

Chapel Hill Denham Says Banks Lose N2.5 Trillion Annually to High CRR in New Report

The investment banking and research firm said the policy continues to impose significant constraints on bank profitability by requiring lenders to keep a large portion of customer deposits with the Central Bank without earning returns on them, effectively locking away funds that could otherwise support lending and income generation.

In its report titled “The Nigerian Banking Paradox: High Returns, Deep Discounts,” Chapel Hill Denham noted that although Nigerian banks rank among the highest return-on-equity performers in Africa, they remain undervalued compared to peers, largely due to regulatory constraints and macroeconomic uncertainty.

The firm identified the CRR regime as a key structural factor limiting the sector’s earnings potential, arguing that it reduces balance sheet efficiency and restricts credit creation to the real economy.

According to the report, banks are still required to pay interest on deposits while a significant portion of those funds remains sterilised at the apex bank.

Chapel Hill Denham stated that the current policy framework, which evolved in response to past financial sector instability and exchange rate pressures, may now be exerting a heavier drag on growth and profitability than originally intended.

“Our analysis reveals that Nigerian banks operate under a uniquely restrictive regulatory perimeter,” the report said, adding that the structure suppresses reported returns despite underlying profitability strength.

The report also compared Nigeria’s reserve requirements with other jurisdictions, noting that the country’s CRR remains significantly higher than several African and emerging markets.

While South Africa operates a 2.5 per cent CRR, Kenya maintains 4.25 per cent, Ghana 15 per cent, and Egypt 16 per cent, with Morocco reported to have reduced its reserve ratio to zero.

Analysts at the firm said a moderation of Nigeria’s CRR from 50 per cent to 30 per cent could release up to N8 trillion into the banking system and potentially boost annual pre-tax profits by about N800 billion.

They added that investors currently price Nigerian banks on the assumption that the tight monetary stance will persist, limiting valuation upside despite strong earnings performance.

At its February 2026 meeting, the Monetary Policy Committee of the Central Bank of Nigeria retained the CRR for Deposit Money Banks at 45 per cent, while Merchant Banks remained at 16 per cent, and public sector deposits outside the Treasury Single Account framework at 75 per cent, as part of efforts to sustain tight monetary conditions and manage liquidity pressures.


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