PMI further crashes to 42.3 on cash crunch

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Private sector productivity in Nigeria has taken a knock due to the country’s recent cash crunch as indicated by the Stanbic IBTC Bank Purchasing Managers’ Index (PMI).

The index dropped to 42.3 points in March 2023, the most significant decline since the survey’s inception in January 2014, except during the outbreak of the COVID-19 pandemic in 2020.

This comes after a decline to 44.7 points in February 2023, which also reflected a severe reduction in business activity. Analysts attribute the sharp decline in both months to the Central Bank of Nigeria’s (CBN’s) naira redesign policy, which, although intended to address inflation, kidnapping, counterfeiting and vote-buying, has…



Source: Nigerian Tribune