Nigeria’s Purchasing Managers’ Index (FBNQuest) spiked 12.07% to 54.8 points in August. Any reading above 50 points is considered positive and reflects an expansion in the manufacturing sector. The increase in inventory level suggests that manufacturers are stocking up in anticipation of the Christmas sales surge and hedging against possible political risks.
Meanwhile, Brent oil is trading at a 1-month high of $78pb. Increased oil proceeds could mitigate the impact of the sustained capital outflows on external reserves.
The attached document contains a snapshot of the global and domestic developments in the commodities market.
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