The Manufacturers Association of Nigeria (MAN) yesterday lamented that its members lost a whopping N500billion to the flexible exchange rate introduced by the Central Bank of Nigeria (CBN).
Its Chairman, Apapa Branch, Mr Babatunde Odunayo, who spoke yesterday during the branch’s 45th Annual General Meeting (AGM) in Lagos, Letters of Credit and Form Ms approved to manufacturers at N197/$ before the regime of the flexible exchange rate on June 20, are now expected to be redeemed at N320.
A letter of credit is a letter from a bank guaranteeing that a buyer’s payment to a seller would be received on time and for the correct amount.
“Unfortunately, this unfolding situation poses a great burden on manufacturers since the pricing of the related manufactured goods was made at N197 or N198 to dollar when it was approved.
“Manufacturers currently face up to N500 billion in exchange difference between the approved Form M and Letter of Credit established rates and the flexible market rate of N320 to a dollar.
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