Manufacturers’ demand for forex nears $2b amid scarcity, weak naira | The Guardian Nigeria News

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Naira

• Middle-class Nigerians shop for stable ‘dollar’ as FX crisis continues
• Naira in moment of decision, trades at N570/$

Despite improved confidence in the economy as shown in the latest Manufacturers Confidence Index (MCCI) by local manufacturers, demand for foreign exchange (forex) on the back of outstanding obligations has risen to about $2 billion as local producers appear to be running out of options for survival.
   
With a weakened currency that traded at the weekend at N570 to the green back, as well as the effect of inflation on household incomes, local producers are worried about their inability to access foreign exchange for raw materials and needed machinery.
   
Already, some of them with parent companies abroad are putting pressure on the supply chain while equally dealing with a weakened currency and pass-on effect on consumers.
  
According to data made available to The Guardian, manufacturers in the chemical, food and pharmaceutical sectors are the…



Source: Guardian Newspaper