{"id":9573,"date":"2016-11-17T15:56:27","date_gmt":"2016-11-17T14:56:27","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9573"},"modified":"2016-11-17T15:56:27","modified_gmt":"2016-11-17T14:56:27","slug":"manufacturers-lost-n500bn-to-cbns-forex-policy-man","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/manufacturers-lost-n500bn-to-cbns-forex-policy-man\/","title":{"rendered":"Manufacturers lost N500bn to CBN\u2019s forex policy \u2013 MAN"},"content":{"rendered":"<figure id=\"attachment_9324\" aria-describedby=\"caption-attachment-9324\" style=\"width: 150px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/nationalwire.com.ng\/wp-content\/uploads\/2016\/10\/Godwin-Emefiele-CBN-Gov.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-9324\" src=\"http:\/\/nationalwire.com.ng\/wp-content\/uploads\/2016\/10\/Godwin-Emefiele-CBN-Gov-150x150.jpg\" alt=\"Godwin-Emefiele-CBN-Gov\" width=\"150\" height=\"150\" \/><\/a><figcaption id=\"caption-attachment-9324\" class=\"wp-caption-text\">Godwin-Emefiele-CBN-Gov<\/figcaption><\/figure>\n<p><strong>Manufacturers lost N500bn to CBN\u2019s forex policy \u2013 MAN<\/strong><\/p>\n<p>The Manufacturers Association of Nigeria on Thursday said Central Bank of Nigeria\u2019s flexible exchange rate policy had culminated to N500bn loss for manufacturers.<\/p>\n<p>According to agency report, the Chairman, MAN, Apapa Branch, Mr. Babatunde Odunayo,\u00a0made the assertion during the branch\u2019s 45th Annual General Meeting in Lagos.<\/p>\n<p>He said that Letters of Credit and Form Ms approved to manufacturers at N197\/US$ before the introduction of new flexible exchange rate on June 20, are now expected to be redeemed at N320.<\/p>\n<p>A letter of credit is a letter from a bank guaranteeing that a buyer\u2019s payment to a seller would be received on time and for the correct amount.<\/p>\n<p>He said, \u201cUnfortunately, this unfolding situation poses a great burden on manufacturers since the pricing of the related manufactured goods was made at N197 or N198 to US dollar when it was approved.<\/p>\n<p>\u201cManufacturers currently face up to N500bn in exchange difference between the approved Form M and Letter of Credit established rates and the flexible market rate of N320 to a dollar.<\/p>\n<p>He said, \u201cThis is a huge loss that manufacturers are expected to bear, whereas the related goods had been mostly sold before the commencement of the new exchange rate system.\u201d<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>He said that the exchange rate loss of N500bn reflected in their accounts and had led to factory closure, unemployment and loss of investments in the sector.<\/p>\n<p>He said that the exchange rate losses will require additional working capital to shore up cash difference between N320 and N197.<\/p>\n<p>He said, \u201cMany of our members are in the middle of factory projects execution, but the viability of such projects is now questionable due to recent Forex developments.\u201d<\/p>\n<p>Odunayo stressed that if loans were not reversed to pre-flexible exchange rate at which the transactions were contracted, losses to manufacturers would be colossal.<\/p>\n<p>He urged the government to remove pre-approved form Ms from the flexible foreign exchange market and deal with it through a structured sovereign loan.<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Manufacturers lost N500bn to CBN\u2019s forex policy \u2013 MAN The Manufacturers Association of Nigeria on Thursday said Central Bank of Nigeria\u2019s flexible exchange rate policy had culminated to N500bn loss for manufacturers. According to agency report, the Chairman, MAN, Apapa Branch, Mr. Babatunde Odunayo,\u00a0made the assertion during the branch\u2019s 45th Annual General Meeting in Lagos. &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,18,17,624],"tags":[36,818,740,1206,575],"coauthors":[2392,2393],"class_list":["post-9573","post","type-post","status-publish","format-standard","","category-business","category-crime","category-news","category-politics","tag-cbn","tag-ndic","tag-nse","tag-pencom","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manufacturers lost N500bn to CBN\u2019s forex policy \u2013 MAN - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/manufacturers-lost-n500bn-to-cbns-forex-policy-man\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manufacturers lost N500bn to CBN\u2019s forex policy \u2013 MAN - National Wire\" \/>\n<meta property=\"og:description\" content=\"Manufacturers lost N500bn to CBN\u2019s forex policy \u2013 MAN The Manufacturers Association of Nigeria on Thursday said Central Bank of Nigeria\u2019s flexible exchange rate policy had culminated to N500bn loss for manufacturers. 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