The Manufacturers Association of Nigeria (MAN) has raised alarm over what it describes as the unjust treatment of its members by certain commercial banks in connection with unmet foreign exchange (Forex) forward obligations.
In a statement issued on Thursday and signed by the Association’s Director General, Segun Ajayi-Kadir, MAN called on the Central Bank of Nigeria (CBN) to intervene urgently.
“We call on the Central Bank of Nigeria to direct the concerned commercial banks to immediately unfreeze the accounts of innocent manufacturers in relation to the vexed issue of forex forwards,” the statement read in part.