CBN resumes publications of inflation survey, others for transparency

• Published On: 13 August 2024 at 19:42

The Central Bank of Nigeria has announced the return of periodic updates on key economic indicators as part of efforts to increase transparency in the country's economic policy.

This was disclosed in a circular signed by the apex bank's director of corporate communications, Sidi Ali Hakama, on Tuesday.

The CBN stated that the report will include the Purchasing Managers' Index (PMI), Business Expectations Survey (BES), Inflation Expectations Report, and other macroeconomic indicators to provide stakeholders with timely and accurate information about the country's economic performance.

According to the circular, the apex bank stated that the reports will be published on a regular basis on its website, making them freely available to the public.

The circular reads: "The Central Bank of Nigeria (CBN) has resumed publication of several key economic reports, reaffirming its commitment to promoting transparency and accountability in the Nigerian economy.

"These reports, which include the Purchasing Managers' Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators, will give stakeholders timely and accurate information about the country's economic performance.

"The reintroduction of these reports, as part of the CBN's ongoing data enhancement initiative, seeks to ensure that the public, policymakers, and the business community have access to critical economic indicators.

"The PMI, which assesses the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are crucial tools for understanding Nigeria's economic climate."

Hakama stated that this program is part of the CBN's efforts to increase transparency and involve all stakeholders in the country's economic development.

She also urged investors, the media, and the general public to consult these reports to gain a better understanding of Nigeria's economic dynamics.

"This initiative is part of the Bank's larger efforts to increase transparency, encourage informed decision-making, and promote economic growth. The reports will be published on the Bank's website (www.cbn.gov.ng) on a regular basis to ensure that everyone has easy access to them.

"The CBN encourages economists, analysts, investors, media, and the general public to use these reports to gain a more comprehensive understanding of Nigeria's economic dynamics, thereby fostering a more inclusive economic discourse," according to her.

Following the global economic shock caused by the Covid-19 epidemic in 2020, the CBN suspended the publication of statistics on inflation expectations and other economic indicators in the country.

The CBN, under the leadership of former governor Godwin Emefiele, discontinued the publication of the monthly Purchasing Managers' Index (PMI) Survey Report, among other things