December 31, 2020/Cowry Asset Report

Recently released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed that manufacturing sector slipped back into contraction from an expansion of 50.2 points in November 2020.

Also, the non-manufacturing sector further contracted, departing faster from the 50 index points (which indicates neutrality), as new orders and business activities weakened amid rising inflation rate, worsening insecurity and the scare of second wave of COVID-19 pandemic.

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