The purchasing powers of Nigerians dropped as purchase prices rose at the fastest pace in November in almost two years.
This was driven by naira depreciation and higher costs for fuel and materials, a Stanbic IBTC Purchasing Managers Index, PMI survey report for the month has shown.
The report indicated that companies in Nigeria continued to be negatively impacted by strong inflationary pressures in November, with new orders and output falling as customers were either reluctant or unable to pay higher charges.
