The private sector experienced a contraction in July, marking the first decline in business activity in eight months. The Stanbic IBTC Purchasing Managers’ Index (PMI) fell to 49.2 in July, down from 50.1 in June, indicating a slight deterioration in…
Stanbic IBTC Bank Nigeria PMI®: Private sector grapples with currency weakness impact
In March, the Nigerian private sector witnessed significant challenges due to currency weakness, leading to a surge in purchase costs and subsequent unprecedented hikes in selling prices. This scenario was reflected in the Purchasing Managers’ Index™ (PMI®), a key indicator…