The National Union of Chemical Footwear Rubber Leather and Non-Metallic Products Employees has appealed to the Central Bank of Nigeria to reconsider its recent policy on Form M, which has to do foreign exchange.
According to the union, reversing the policy will save manufacturers from closing shops.
The National President of NUCFRLANMPE, Babatunde Olatunji, stated in Ogun State on Wednesday that in as much as the CBN was trying to guard against the dwindling economy, the effect of removing the third party from the chain was already taking toll on the sector.
Olatunji stated that the inability of many firms to access forex and Form M would reduce the access to raw material for production and might force many of them to go under.
If there is no Letter of Credit, there would be more problems in the sector, Olatunji said, adding that it was only good governance that could address poverty and not collective bargaining.
