The worsening shortage of foreign exchange is inflicting more pains on manufacturers, ODINAKA ANUDU reports.
The situation is such that a manufacturer who demands $1m only gets two to five per cent of that from banks, according to players in the sector who spoke withThe Chairman of the Manufacturers Association of Nigeria, Dr Michael Ola Adebayo, told The Punch that the situation was even worse as some would even get less than that.
Consequently, manufacturers have resorted to the parallel market, where a dollar goes for as high as N615, but this has had a severe impact on their production costs and the country’s inflationary trend. Consequently, manufacturers began to alter their plans and projections. Some of them, who could not withstand the pressure, had to shut down.
The CBN, in August 22, 2016 circular had said, “Following the review of returns on the disbursement of foreign exchange to end users, it has been observed that a negligible proportion of foreign exchange sales are being channelled towards the importation of raw materials for the manufacturing sector.
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