• Contact Us
  • About Us
Saturday, September 30, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Dollar shortages curb Nigerian private sector growth – central bank PMI

metro by metro
March 1, 2017
in Economy
0
CBN
0
SHARES
0
VIEWS

Nigerian private sector activity slowed in February as new orders and production levels fell due to a shortage of hard currency that made it difficult for companies to source raw materials, central bank business surveys showed on Wednesday.

The central bank’s purchasing managers index (PMI) of private-sector activity dropped to 45.4 points in February from 50.6 points in January, falling below the 50 point line that denotes increases in activity.
Nigeria has been running short of dollars as a result of lower global prices for oil, its major export, and the economy shrank last year for the first time in quarter of a century.
The central bank’s PMI index for manufacturers alone fell to 44.6 percent in February from 48.2 in January, while its non-manufacturing PMI declined for the 14th straight month to 44.5 in February.
The PMIs are one set of indicators watched by the central bank’s monetary policy committee when it sets interest rates.
Bankers say lenders have also slowed credit and tightened access to business and individuals to curb a rise in non-performing loans, all of which also puts a brake on business activity.
The PMI report said 14 out of 16 sub-sectors including transport equipment, fabricated metals, chemicals and pharmaceuticals reported declines in February. The food, beverage and tobacco product sectors all expanded, however.

Read Also

Hardship Making Nigerians To Lose Faith In Government

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

Previous Post

Judge rules that Nnamdi Kanu must be tried for treason

Next Post

Equity market declines further, ASI depreciates by 0.58%

Related Posts

Hardship Making Nigerians To Lose Faith In Government
Economy

Hardship Making Nigerians To Lose Faith In Government

September 26, 2023
Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation
Economy

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

September 22, 2023
More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others
Economy

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

September 21, 2023
Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023
Economy

Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023

September 4, 2023
Next Post
NSE

Equity market declines further, ASI depreciates by 0.58%

UAE’s Brightest Minds to Enter Bybit’s Crypto Hackathon in UAE

September 29, 2023

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

September 29, 2023

Ethiopian Delegation to AFSIC – Investing in Africa 2023 Ethiopia – “The New Frontier Market, Opening Doors and Creating Opportunities”

September 28, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version