CURRENT REPORT BLOG In reaction to the Naira’s continuous wild decline against the US dollar in the foreign currency market, Nigerian manufacturers anticipate further increases in the pricing of items on the market.
In response to Nigeria’s ongoing foreign exchange crisis, Francis Meshioye, President of the Manufacturers Association of Nigeria, revealed this in a statement over the weekend.
He pointed out that with the Naira trading at N891.90 at the official market and N1,410 per US dollar in the parallel market, firms will need to step up their strategies if they want to stay in business.
“It is not possible to remain profitable with this exchange rate. The first challenge is breaking even.
“It means the prices of things will be higher, and the income is not there for people to buy things as they should as things become more expensive.
“So, the demand will become low, affecting our bottom line. The break-even point will become critical.
So, what businesses should do is to ensure that they break even at this time. It is a necessary and very challenging time for us.
“It is a harsh time, so we must revise our strategy. It is hard for us to have a long-term plan, and even the short-term plans, we have to regularly revise them to incorporate the reality of the economy into it”, he said.
