Naira Crunch Disrupting Proper Flow Of Goods — Manufacturers

The Manufacturers Association of Nigeria has said that the current scarcity of naira notes has negatively impacted business activities by disrupting the proper flow of goods.

Otunba Francis Meshioye, the president of the association,  said this during an interaction with journalists in Lagos.

He said the current naira scarcity and the pressure the cash crunch has put on online transactions have negatively affected the free flow of goods.

“I want to assume that this is a very short-term problem. It is general. Even if you want to do e-banking, there are some things you cannot do at the moment. We have problems, PoS is not working.

“There is no way any scarcity of something that is essential to the consumer will not affect the producer.

“We feel it because it hinders the proper flow of our goods to the end user. What effect is that going to have?

“It means we will pile stock and when we pile stock, it means cash is trapped.

“We pay high-interest rates and they won’t yield good returns and investments go to where returns come regularly.

“No investor wants to play with his money. This is a very big issue in the economy now.

“If you put all these together, you will agree with me that we are really facing a critical time as manufacturers.”