Economic Activities Decline Amid Recession Fears

Respite for the troubled economy seems nowhere in sight, as the monthly survey of the Statistics Department of the Central Bank of Nigeria (CBN) shows sustained decline in activities.

The latest survey, Purchasing Managers Index (PMI), again recorded declining levels of production, new orders, employment and raw material inventories, in the build up to the release of the second quarter Gross Domestic Product (GDP).

ALSO READ  Roberto Martinez Appointed As Belgium’s New Manager

CBN

Specifically, the manufacturing index, which rose marginally to 44.1 index points in July 2016, compared to 41.9 in June, is still below the basic level.

Meanwhile, the Federal Government has concluded plans to raise N245.18bn worth of Treasury Bills, with maturities ranging from three months to one year.

The Central Bank of Nigeria (CBN), which will act on behalf of government, is billed to issue N45.18bn for three-month debt; N80bn for six-month bill; and N120bn for one-year instrument. All will be through the Dutch auction system.

Already, indications show that the rates for the instrument might be 16 per cent for the three-month; 18 per cent, six months and 18.5 per cent, one-year bills.

Previous ArticleNext Article
Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

Leave a Reply

Your email address will not be published. Required fields are marked *