The Manufacturers Association of Nigeria(MAN) requested the Honourable Minister of Industry, Trade, and Investment, Mrs Doris Uzoka-Anite to intervene in the $2.4 billion forex forward contracts of manufacturing concerns allegedly declared invalid by the Central Bank of Nigeria (CBN).
The request was made during a crucial meeting with the Minister on the unpaid $2.4 billion forex by the apex bank.
President of MAN, Otunba Francis Meshioye, who spoke on behalf of member-companies, highlighted that Foreign exchange (FX) forward contracts serve as promises for future currency allocation.
He said that despite businesses’ compliance with CBN regulations, the failure to fulfill these contracts is causing substantial financial strain.
Meshioye noted that the repercussions of CBN’s actions will extend beyond heavy financial losses to companies. It will affect production and employment capacity of companies as well as deepen the prevailing economic instability.
The failure of CBN to honor these contracts undermines trust and creditworthiness, hindering the growth of manufacturing enterprises.
The president recommended the immediate reversal of CBN’s decision, robust and constructive dialogue with the private sector, especially manufacturers.
He urged the apex bank to fulfill its contractual obligations to restore the confidence of investors in the economy.