Nigeria’s Purchasing Managers Index declined to 54.0 reading in the month of May against a higher 58.9 reading in the previous month of April. 

The latest data released today (June 1) by investment and securities firm, FBNQuest has shown.

The report said four of the five sub-indices measured in the report declined in the month that ended on Wednesday.

Although Central Bank’s improved sale of foreign exchange into the markets for retail users and importers of raw materials have resulted in a pick of business confidence, the latest report says macroeconomic challenges still persist and household pockets remain squeezed, resulting in soft consumer demand.

A reading of 50 of Purchasing Managers Index is neutral. Nigeria has posted nine negative manufacturing readings since FBNQuest launched its series in April 2013.