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From David Onwuchekwa, Nnewi
Cutix Plc, Nnewi, Anambra State has cooled off for the year 2021 in its end-of-year celebration, though with regrets of a handicap Central Bank of Nigeria (CBN) imposed to access foreign exchange.
The Chief Executive Officer of the company, Mrs Ijeoma Oduonye, at an event that took place at Anaedo Hall where hundreds of its distributors and other stakeholders across Nigeria gathered, said the company had done well despite the challenges from the CBN as well as the Nigerian Ports Authority.
She said that the biggest problem of the company in the year 2021 was the difficulty in accessing foreign exchange for business transactions.
“We couldn’t get what we needed from the CBN for our business. It’s so bad that as I speak with you now there are some transactions that I started funding way back in 2020 which are still outstanding because CBN has not completed our forex demand.
“We don’t have to wait that long and that has forced us to try other options to get the foreign exchange other than through the CBN which are very expressive. The exchange rate outside the CBN is no longer determined by the policy of the CBN.
“It’s determined by the seller. And you have to pay, if you want it or they go for another person. So, it’s a handicap to the business, “ she said.
The CEO mentioned the activities of the Nigerian Ports Authority as another problem facing many companies in Nigeria including the Cutix Plc, as she said many consignments were left to stay for more than necessary., According to her, you had to pay so much to get the consignments, which are the raw materials out of the ports.
She said that the dumourage paid had always eaten deep into the profit of the company.
“That has not been palatable to us. And we have little or no control over that.”
