- Nigerian manufacturers, under the Manufacturers Association of Nigeria (MAN), have urged commercial banks to stop harassing them over unmet Forex forward obligations.
The Manufacturers Association of Nigeria (MAN) has strongly urged commercial banks in the country to stop harassing its members over delays in fulfilling foreign exchange (Forex) forward obligations.
In a statement signed by its Director General, Segun Ajayi-Kadir, MAN emphasized that manufacturers have already played their part by remitting the required Naira sums to the banks.
According to Ajayi-Kadir, “Commercial banks receive payments in Naira either through direct remittance or credit facilities from their customers for the purpose of securing FX. Upon receipt, the banks transfer the funds to the Central Bank of Nigeria (CBN), thereby completing the customers’ obligations.” He insisted that any delays or complications after this point are beyond the manufacturers’ control and should not be used as grounds for punitive measures.
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The association decried the increasing cases of illegal account freezes and overly strict forex conditions imposed on manufacturers.
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“It is unwholesome that banks are making our members suffer for problems they did not create,” MAN stated, warning that the resulting production disruptions threaten the sustainability of Nigeria’s manufacturing sector.
The group called on banks to comply with CBN’s forex policies and stop the unjust targeting of manufacturers.
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