N476/N480 (updated 30.11.16:noon)
buying/selling naira exchange rates per USD
Thursday, 1 September 2016

Nnewi, Anambra State car manufacturing company Innoson Nigeria Limited, has shunned reports making round on social media which suggests that the company is having difficulties sourcing forex (for importation of car parts) and thereby shut some of its facilities.

The company said in a press release signed today by PRO and Media assistant, Cornel Osigwe:
INNOSON MOTORS STILL ON PRODUCTION
We are constrained to respond to the news report on Innoson Motors laying off workers and shutting down production over Forex crises which were widely reported by various news mediums yesterday and today.

The report which stated in some of this news platforms that “Nigeria’s major vehicle assembly plant, Innoson Vehicle Manufacturing (IVM), has announced its decision to shut down production due to lack of foreign exchange to import vehicle components” is a total deviation from the interview Dr Innocent Chukwuma granted to Reuters News Agency and which was correctly published by them but was totally distorted by various news platforms.

The company will, through this medium, state the correct position;
Innoson Vehicle Manufacturing Co Ltd @innosonmotors has not shut down its manufacturing plant and is not planning to do so. In as much as the company is experiencing low production due to the inability to get the required volume of forex to source for its vehicle components outside Nigeria, it still have absolute faith in the Federal Government and CBN ability to fix forex scarcity problems.

Innoson Vehicle Manufacturing Co Ltd has not laid off its staff due to the low activities in production, rather what the Dr Chukwuma said was "I believe they (Federal Government) are doing something but if they can't do anything we'll lay off some workers.


Innoson Vehicle Manufacturing Co Ltd believes in the Federal Government’s drive to boost the manufacturing sector and is aware that this present forex scarce challenge is a phase that will soon pass
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