The Manufacturers Association of Nigeria (MAN) has cried out that the currency redesign policy and the attendant scarcity of the naira has disrupted economic activities, resulting in more than 25 per cent dip in sales of manufactured products.
MAN’s Director-General, Segun Ajayi-Kadir, said the redesign of the national currency and the attendant scarcity has disrupted manufacturing and the economy profoundly, with manufacturers contending with over 25 per cent dip in manufactured products.
The MAN DG, in a statement, noted that the currency redesign policy was “an excellent monetary control measure by the Central Bank of Nigeria (CBN), but expressed regrets over what he described as “the inexplicable poor management of the transition process”.
Ajayi-Kadir, however, said if the problem lingered, “the in-coming administration should swiftly address it without throwing away the baby with the bath water.”
He charged the in-coming administration to resolve the lingering difficulties with the currency transition if it has not been addressed by the outgoing government.
Earlier, MAN President Otunba Francis Meshioye, also said the hardship being experienced by Nigerians in accessing the redesigned naira notes was hindering the proper flow of goods to end users, resulting in a huge pile of stock for manufacturers.
“The naira crisis is affecting us very badly because at the end of the day, everything we produce has to be consumed in one way or the other, and if consumers don’t have cash to purchase products, then we are going to have a lot of stock, and this implies that a lot of manufacturers’ money is tied down,” Meshioye lamented