The Manufacturers Association of Nigeria (MAN) has warned about the detrimental impact of unpaid foreign exchange (FX) forwards, amounting to $2.4 billion, on the nation’s manufacturing sector.
In a statement on Friday, the association said that the Central Bank of Nigeria’s (CBN) failure to pay the forwards is jeopardising the survival of many manufacturing companies and putting thousands of jobs at risk.
MAN’s Director General, Segun Ajayi-Kadir, in the statement highlighted the urgency of the situation saying the non-payment of FX forwards has inflicted severe financial damage on businesses, with losses exceeding N1.5 trillion.
