How CBN’s forex policy is frustrating manufacturing businesses in Nigeria-MAN

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The Manufacturers Association of Nigeria (MAN), has expressed deep concern over the suspension of foreign exchange forward contracts by the Central Bank of Nigeria (CBN), saying the action by the apex bank has induced an excruciating pains on the nation’s manufacturing sector.

MAN is the premier advocacy voice of Manufacturers that promotes Manufacturing sector competitiveness, job Creation, and Gross Domestic Product through commitment to research development of new technologies and environmental sustainability in Nigeria

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Foreign exchange forward contracts are financial instruments and are globally practiced to enable businesses to hedge against exchange rate fluctuations by locking in a future exchange rate. The CBN, traditionally issues these contracts, promising to deliver foreign currency at a specified future date in exchange for upfront naira payment.
However, according to MAN, “the CBN recently announced its inability to honour $2.4 billion worth of forward contracts, citing an on-going investigation by the Economic and Financial Crimes Commission into some foreign exchange transactions.
“It is expedient to note that many businesses borrowed money from banks for working capital that was used by the banks to open clean line for letter of credit for the companies based on the allocated forward contract from the CBN. In this case no clear allegations or infractions have been communicated to any of our members and none have been indicted for any infractions. The forwards have remained unredeemed.”
According to MAN, “this $2.4 billion worth of forward contracts from the backlog of $7 billion has triggered severe crisis for the manufacturing sector and Nigerian economy. Worse still, the commercial banks have continued to charge dollar account along with other Naira bank charges such as 35% interest rate on the facilities that these companies have with their banks.
“All these have significantly eroded the working capital of the companies who barely make margins of 5% on the sales of the products. This rather worrisome breach of contract has further exacerbated currency risk for businesses, leading to substantial financial losses and operational disruptions.
“Businesses with substantial foreign exchange liabilities face acute credit and liquidity risks due to their inability to settle forward contracts. This strains cash flow and jeopardizes overall financial stability.
“While many small and medium-sized enterprises have been forced to close or temporarily suspend operations, larger corporations have incurred massive foreign exchange losses exceeding over N300 billion in the second half of 2023. This situation has been exacerbated by the continuous depreciation of the naira, which has depreciated by more than 72%, from N450 to N1600 per dollar over the past year.
“Financial planning and budgeting have been severely compromised due to the uncertainty surrounding future exchange rates. The cascading effects on the economy are far-reaching, impacting production, employment, government revenue, and overall economic growth.
“Quite frankly, the CBN’s non-fulfilment of its forward contract obligations has led to a cascade of negative consequences. Manufacturing concerns have been worse hit. For instance, within the last 6 months, companies have incurred over N1.5 trillion in forex-related transactions losses, contributing to the poor and worsening performance of many businesses.
“The resulting exchange rate differentials and the burden of interest on loans to meet Naira deposit requirements have been entirely transferred to manufacturers, increasing production costs and impacting product prices, MAN said in a statement by its Director General ,Segun Ajayi-Kadir,
Continuing, MAN said “the crisis has disrupted manufacturing supply chains, hindered productivity, and jeopardized job security. Consequently, businesses are struggling to meet their loan repayments, leading to the rescheduling and restructuring of loan terms.
“Due to numerous challenges, such as high production costs and low consumer demand currently confronting manufacturers, there is little hope of meeting financial obligations as scheduled. As a result, these rescheduled loans often come with higher interest rates.
“The immediate implication of this is the declining contribution of the sector to the overall economy. The erosion of trust among foreign suppliers and financial institutions, triggered by businesses’ inability to honour their initially issued letters of credit, has further compounded the challenges of foreign financial flows and investment in the country. All these adversely affect the business operations and the Nigerian economy at large.”
The statement said that the “Manufacturers Association of Nigeria (MAN) has done a detailed analysis outlining the far-reaching consequences on the manufacturing sector.
“MAN implores the CBN to give serious and expedited consideration to the imperative of the sanctity of contracts, explore avenues to resolve outstanding obligations, and prioritize the interests of businesses that have acted in good faith.
“ Reneging on these legally binding contracts potentially undermines the CBN’s credibility and may damage investor confidence. The resulting financial strain on manufacturing businesses has led to widespread closures, job losses, and economic turmoil. The manufacturing sector has borne the brunt of this crisis, with a staggering 108.7% increase in job losses in 2023 alone.”
To prevent further damage, “MAN urges collaboration between the CBN, the Federal Ministry of Finance, and the private sector to develop a sustainable framework for resolving outstanding forward contracts and improving foreign exchange inflows. By prioritizing the survival of the manufacturing sector, the government can mitigate the negative impacts of this crisis and foster economic recovery.”
In conclusion, MAN suggested “the continued non-redemption of the $2.4 billion forward contracts poses a grave threat to the survival of some Nigerian manufacturing companies and jeopardizes the livelihoods of thousands of workers.
“As companies grapple with the inability to fulfill their offshore obligations due to the CBN’s non-delivery of dollars, many face the grim prospect of downsizing or shutting down operations completely. This gloomy scenario is avoidable and the time to end the impasse is now.

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