The Manufacturers Association of Nigeria (MAN) urged the Central Bank of Nigeria (CBN) yesterday to instruct the relevant commercial banks to unfreeze the accounts of innocent manufacturers affected by the contentious forex forwards issue without delay.
The organization reiterated its appeal to the CBN for a swift action on the long-delayed redemption of unsettled forex forwards, viewing this as a lasting solution to the dilemma.
The association voiced its demands and expressed serious concern about what it termed the detrimental treatment of its members by certain commercial banks in Nigeria concerning unmet foreign exchange (Forex) forward obligations.
In a statement on Thursday, MAN’s Director General Segun Ajayi-Kadir said that manufacturers, as a crucial sector of the economy, depend significantly on access to Forex for importing essential raw materials, machinery, and equipment that are not available locally.
He noted that recent events have revealed “a troubling trend in the way banks are addressing the issue, which is causing extreme harm to manufacturing industries that are needlessly facing the consequences of a problem they did not cause and should not have to endure.”
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