See importance as CBN resumes publication of key economic reports

3 months ago 5

The CBN has announced plans to reintroduce the publication of key reports on the Nigerian economy
The reports will include the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), and Inflation Expectation Report
CBN hopes that this nitiative= will enhance transparency and accountability in Nigeria’s economy

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) will now regularly publish several critical reports on the Nigerian economy.

This was disclosed in a statement by signed by Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department.

According to CBN, the plans underscore the apex bank’s commitment to providing stakeholders with accurate and timely economic insights.

CBN resumes regular publication of economic reports

The apex bank explained that the report aimed at enhancing transparency and accountability within the country’s economy.

CBN listed the expected reports to include the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators.

The statement reads:

"The reintroduction of these reports, part of the ongoing data enhancement initiative within the CBN, aims to ensure that the public, policymakers, and the business community have access to essential economic indicators.

"The PMI, which assesses the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are crucial tools for understanding Nigeria's economic climate. "These reports offer valuable insights into the perceptions and outlooks within the business and household sectors, respectively. "This initiative is part of the Bank's broader efforts to enhance transparency, promote informed decision-making, and support economic growth."The reports will be periodically released on the Bank's website (www.cbn.gov.ng), ensuring that they are easily accessible to all. ""The CBN encourages economists, analysts, investors, media, and the general public to use these reports to gain a more comprehensive understanding of Nigeria's economic dynamics, thereby fostering a more inclusive economic discourse."

CBN slashes FX rate for cargo clearance

Legit.ng earlier reported that CBN had reduced the forex rates for cargo clearance after the naira appreciated against the US dollar for two days.

Data from the Customs trade portal shows that the apex bank adjusted the rate to N1,592.636 as of Wednesday, August 7, 2024, from the N1,618.73 reported on Monday, August 5, 2024.

The development means Nigerian importers opening Form M will pay less than they spent the previous day.

Source: Legit.ng

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