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  • Welcome
  • Special reports
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    Nepal lifts social media ban after deadly protest

    Nepal lifts social media ban after deadly protest

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    UN strongly condemn Borno attack that claimed 63 lives, including soldiers

    PANDEF back Tinubu’s state police proposal

    PANDEF back Tinubu’s state police proposal

    Canada’s economy sheds over 60,000 jobs in August

    Canada’s economy sheds over 60,000 jobs in August

    Embrace Igbo identity, Senator Nwoko urges Anioma people

    Embrace Igbo identity, Senator Nwoko urges Anioma people

    NCDMB outlines achievements,charges media, youth groups on social responsibility

    NCDMB outlines achievements,charges media, youth groups on social responsibility

  • Metro News
    Doctors in FCT commence warning strike, cite systemic failure, infrastructure decay, others

    Doctors in FCT commence warning strike, cite systemic failure, infrastructure decay, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    FCTA clears 1,000 shanties in Abuja district

    FCT set up committee to probe sales of FG houses, parks

    FCT set up committee to probe sales of FG houses, parks

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Wike launch operation to flush street beggars, one- chance syndicate, others in FCT

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    SWAN appoints caretaker committee in Abia

    SWAN appoints caretaker committee in Abia

    Embrace peace, unity, Ibas appeals to political actors as emergency rule ends

    Embrace peace, unity, Ibas appeals to political actors as emergency rule ends

    Tinubu appoint new CG fire service

    FG set new rule to be illegible to teach in Nigeria

    IPI raises alarm over rising media repression in Nigeria

    IPI raises alarm over rising media repression in Nigeria

    Soludo orders prosecution of officials linked to Onitsha traders murder

    Anambra resident doctors suspend warning strike

    Data shows diversification still elusive as oil remains Nigeria’s major exports

    NLNG secures gas deals to meet rising demand

    Trending Tags

  • Infotech
    NIMC partners online publishers to boost digital security through NIN enrollment

    NIMC partners online publishers to boost digital security through NIN enrollment

    Facebook set new monetization rules for creators who uses other people content

    Facebook set new monetization rules for creators who uses other people content

    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

    FG begins construction of emerging technologies Institute in Kano

    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

  • World conflict & diplomacy
    Hamas accepts new Gaza truce plan – Official

    Hamas accepts new Gaza truce plan – Official

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    Israel bombs Iran’s heavy water reactor, says state television

    Israel bombs Iran’s heavy water reactor, says state television

  • Security
    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Police, Omatekun, confirms the kidnap of seven farmers in Ondo

    Fear of attack grips Kwara NYSC over suspicious movements around camp

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Female suicide bomber kills 24, injure  scores in Borno community

    Female suicide bomber kills 24, injure scores in Borno community

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

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Home Finance & economy

CBN lament declining economic activities

Daily Intel Newspaper by Daily Intel Newspaper
May 1, 2024
CBN injects  $1.5bn into the economy in defense of the naira
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The Central Bank of Nigeria,CBN, has expressed concern on the declining economic activities in Nigeria, adding that it is a trend that must not be ignored.

The CBN deputy governor of Corporate Services, Bala Moh’d Bello, who made the observation in a statement on CBN’s website on Tuesday, pointed out that the country’s Composite Purchasing Managers’ Index, PMI, declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.


He stressed that economic activity contracted for eight months due to exchange rate pressures, inflation and security challenges.

“It is concerning to note that the Composite Purchasing Managers’ Index (PMI) declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

“Economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and other idiosyncratic headwinds. This calls for well-nuanced policy decisions targeted at price stability to forestall stifling economic activities and derailing output performance.

“Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate with forecasts of further price increases in the near term.

“Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month.

“This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures”.

He added that the country’s inflation soared to 33.22 per cent in March, which is unacceptably high and requires coordinated efforts to curb.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

“The Federal Government’s initiatives addressing food insecurity, such as releasing grains from the strategic reserves, distributing seeds and fertilizers, and supporting dry season farming, are important and commendable”.

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