CBN Reintroduces Key Economic Reports to Boost Transparency and Accountability

The Central Bank of Nigeria (CBN) has announced the reintroduction of several crucial economic reports as part of its efforts to enhance transparency and accountability in the country’s financial system. The reports, which include the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), and Inflation Expectation Report, will now be published regularly, providing timely and accurate insights into Nigeria’s economic performance.

In a statement released on Tuesday by Hakama Ali, the Acting Director of Corporate Communications at CBN, the apex bank highlighted the significance of these reports in offering stakeholders a clearer understanding of the country’s economic climate. “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,” Ali stated.

The reports are designed to assess various sectors of the economy, including manufacturing, services, and agriculture, through the PMI, while the Business Expectation Survey and Inflation Expectation Report provide insights into the perceptions and outlooks within the business and household sectors, respectively.

“This initiative is part of the Bank’s broader efforts to enhance transparency, promote informed decision-making, and support economic growth,” the statement continued. The CBN emphasized that the periodic release of these reports on its official website will ensure easy access for economists, analysts, investors, media, and the general public.

The CBN encourages all stakeholders to utilize these reports to gain a more comprehensive understanding of Nigeria’s economic dynamics, thereby fostering a more inclusive and informed economic discourse.