CBN Worries Over Declining Economic Activity In Nigeria
The Central Bank of Nigeria has expressed concern over the declining economic activities in the country.
The CBN deputy governor of Corporate Services, Bala Bello, disclosed this in a statement published on the bank’s website.
He noted that the country’s Composite Purchasing Managers’ Index declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.
According to Bello, economic activity has contracted for eight months due to exchange rate pressures, inflation and security challenges.
“It is concerning to note that the Composite Purchasing Managers’ Index declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.
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