CBN reintroduces key economic reports to boost transparency

The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports to foster transparency in the economy.

The CBN made this known via a statement issued by its Acting Director of Corporate Communications Department, Hakama Sidi-Ali, on Tuesday, August 13, 2024.

Sidi-Ali noted that the reintroduction was a reaffirmation of the apex bank’s commitment to fostering transparency and accountability in the Nigerian economy.

She listed the reports to include the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators.

The CBN spokesperson stated: “They will provide stakeholders with timely and accurate insights into the country’s economic performance.

“The reintroduction of these reports, part of the ongoing data enhancement initiative within the CBN, aims to ensure that the public, policymakers, and the business community have access to essential 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.

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“These reports offer valuable insights into the perceptions and outlooks within the business and household sectors.”

Sidi-Ali said the initiative is part of the apex bank’s efforts to enhance transparency, promote informed decision-making, and support economic growth.

Sidi-Ali noted that the reports would be periodically released on the CBN’s website to make them easily accessible to all.

“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,” she added.

The CBN economic report is a compilation and analysis of economic developments in Nigeria within the review period.

The report, published on a monthly and quarterly basis, provides insights into current developments in the real, fiscal, financial, and external sectors of the Nigerian economy and the global economic developments.

It also reflects the policy initiatives of the CBN within the period.

The report is targeted at a wide range of readers, including economists, policymakers, financial analysts in government and the private sector, and the general public.

Subscription to the report is usually made available without charge to individuals, institutions, corporations, embassies, and development agencies.

The Star