Nigerians may lose their jobs as a result of the country’s ongoing foreign exchange shortages and economic issues.
According to Anaedoonline.ng, the parallel market exchange rate was N585/$1 and N785/£1, compared to N582/$1 last Friday.
It added that forex scarcity has arisen as a result of banks restricting clients’ access to forex by imposing a monthly restriction of $20 for online transactions.
22 March 2022: See How Much Naira Exchange To Dollar Today
Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), told The PUNCH that the FX shortage could result in enormous job losses in the manufacturing industry and other sectors.
Manufacturers have been forced to patronize BDC operators, he said, adding that the association had contacted the Federal Government for immediate assistance.
According to Ajayi-Kadir, the high cost of diesel and the paucity of foreign currency have considerably increased the cost of manufacturing, and businesses may be obliged to lay off some workers to cope with the new reality.
The MAN DG also suggested that the northern land borders be reopened to allow petroleum merchants to import diesel from neighboring countries like as Niger and Chad, both of which have operational refineries.
See How Much Dollar Exchange To Naira Today 10 January 2022
He said, “Absolutely yes. It is very difficult especially for small scale industries because if you are not producing, how will you pay salaries? So, industries might be forced to ‘right size’. That is why we are making all these consultations in order to be able to get the attention of the government.
“The scarcity of forex is also unfortunate because it affects the manufacturing sector more than others. The manufacturing sector has a multiplier effect on the economy and this sector ought to receive priority. Our members are given ridiculously low amounts in the face of huge demands.
“We need forex for materials and spare parts which are not locally available. We were encouraged when the CBN said it stopped allocation of Forex to BDCs in order to put more money in the banks but down the line, this has not happened. We got to the BDCs for more than 90 per cent of our needs. When you ask for $400,000, you are given $2,000. You ask for $1m, you are given $50,000. This is ridiculous.”
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