The Manufacturers Association of Nigeria (MAN) has revealed that its members have incurred losses amounting to at least ₦1.5 trillion in the past six months due to foreign exchange-related transactions. Segun Ajayi-Kadir, the Director-General of MAN, disclosed this in an exclusive interview with The PUNCH on Monday.
The revelation comes amidst discontent among manufacturers who claim that despite assertions by the Central Bank of Nigeria (CBN) that all valid forex requests had been addressed, several manufacturers still have pending dollar requests, some of which have been left unattended for an extended period.
Just two weeks ago, the CBN declared that it had successfully cleared all valid foreign exchange backlogs, effectively eradicating a lingering burden. Acting Director of Corporate Communications at the CBN, Sidi Ali, made this announcement in a statement provided to The PUNCH. The bank asserted that it had fulfilled its pledge to process an inherited backlog of $7 billion in claims, completing the payment obligations to bank customers and settling the residual balance of the FX backlog.
“The Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of $7 billion in claims,” the statement read in part.
Despite this declaration by the CBN, manufacturers maintain that they are still grappling with challenges related to accessing foreign exchange, which has resulted in significant financial losses. The persistent difficulties in obtaining forex have adversely impacted the operations of numerous manufacturing firms across the country.
The ₦1.5 trillion loss reported by MAN underscores the severity of the situation faced by manufacturers and highlights the urgent need for effective measures to address forex scarcity and ensure unhindered access to foreign exchange for businesses.
As stakeholders continue to navigate these challenges, there is a growing call for sustained efforts by relevant authorities to implement policies that will facilitate a more conducive business environment and promote economic stability in Nigeria.
