The PMI for the month of May shrank by 8.3% to 54. Whilst it confirms that the economy is still expanding, the slowdown indicates that the forex supply euphoria may be reaching an anticlimax.

The carrying cost of huge inventory in a high interest environment is beginning to choke manufacturers. Therefore the new strategy is to be Naira long and inventory short.

The attached bulletin addresses price movements in the domestic and global commodities market.

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