CBN’s PMI Index Gains Points In December

The Central Bank of Nigeria’s Purchasing Managers’ index increased to 59.3 reading in December, which is the highest in 2017.

According to the CBN, nine straight months growth in the manufacturing sector due to stability in the foreign exchange market is the major factor behind the strong PMI reading.

Fifteen of 16 subsectors tracked post growth across production level, new orders, supplier delivery time, raw materials, among others.

The CBN non-manufacturing PMI is up at 62.1 reading, showing 8th months of growth.