Business conditions in Africa’s biggest economy dipped for the first time in over two years (June 2020) owing to the lingering scarcity of the naira, according to the latest Purchasing Managers’ Index (PMI).
The monthly PMI by Stanbic IBTC Bank showed that the headline PMI declined to 44.7 in February 2023 from 53.5 in the previous month. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.
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