Concerns of CBN regarding the decline in economic activities
Expressing worry over the diminishing economic activities in the nation, the Central Bank of Nigeria has voiced its concerns.
As stated in a release on the bank's website, Bala Bello, the CBN's deputy governor of Corporate Services, highlighted this issue.
There has been a significant decline in the country's Composite Purchasing Managers’ Index, dropping to 39.2 index points in February 2024 from 48.5 index points recorded in the previous month, according to Bello.
Attributing the contraction of economic activity for eight months to exchange rate pressures, inflation, and security challenges, he emphasized the challenges being faced.
The sharp decline of the Composite Purchasing Managers’ Index to 39.2 index points in February 2024 from 48.5 index points in the ...