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Govt’s Excise Duty Puts 950,000 Manufacturing, Allied industries jobs at Risk of Layoffs

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The increases in excise duty on sweetend beverages, beers, tobacco and single use plastics by the Federal Government will severely affect 950,000 direct and indirect employees in the manufacturing sector’s value chain.

Based on this, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the 2023 Fiscal Policy Measures,  and retain the 2022 -2024 excise duty roadmap as approved in the 2022 FPM.

This is to foster stability in the affected sectors and their value chain.

Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), said that the government had better suspend the policy in the interest of the national economy.

At a press conference in Lagos, the previous day, the MAN President noted that companies in the affected industries support other businesses in their value chain, cutting across agriculture, logistics, bottling, labelling and packaging businesses, as well as factory and office staff, distribution, wholesale and retail businesses, catering for over 950,000 direct and indirect employees.

” For instance, over 37,000 sorghum farmers rely on the brewing sector for their livelihood. Unemployment rate which stands at 41 percent , puts about 489,000 existing jobs at risk and which will further widen the unemployment gap,” he said .

He explained that a crash in sale volumes and consequent cuts in production will severely impact
these businesses in the value chain, which will have a multiplier effect on the national economy.

” For instance, supplier transactions in the sector declined by over N260 billion by the end of 2022, when compared to 2021,” he said.

He said that retaining the 2023 FPM will have a negative signalling effect on current and prospective investors.

“A continuing decline in sale volumes will necessitate production cuts and a re-evaluation of investments in the sector. Specifically, if sales proceeds can no longer sustain
business overheads and operating expenses, businesses will be forced to scale
down their operations which would result in factory closures, job losses, a decline in exports and much more.

It is instructive to note that the Excise increase is a direct attack on Foreign Direct Investment (FDI),” he said.

Commenting on the introduction of the Single Use Plastics tax, he said that it is necessary for the authority to reverse the tax on Single Use Plastics and engage with relevant stakeholders
to facilitate ongoing initiatives, which have a better prospect of achieving the desired environmental objectives.

“A good example of this is the Food & Beverage Recycling Alliance, approved by the federal government,” he said.

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Naira Exchange Rates Monday, 29 June 2026

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OFFICIAL CBN EXCHANGE RATES

US DOLLAR (USD) ₦1,380. 93

GREAT BRITISH POUND (GBP) ₦1,824.90

EURO (EUR) ₦1,577. 58

SWISS FRANC (CHF) ₦1,710.13

JAPANESE YEN (JPN) ₦8.54

CHINESE YUAN (CNY) ₦203. 13

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05

SAUDI RIYAL (SAR) ₦367.72

SOUTH AFRICAN RAND (ZAR) ₦83. 89

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

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Naira Exchange Rates To Foreign Currencies, Friday 26,June 2026

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Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380. 11

GREAT BRITISH POUND (GBP) ₦1,818.34

EURO (EUR) ₦1,566.84

SWISS FRANC (CHF) ₦1,698.80

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202. 99

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,866. 38

SAUDI RIYAL (SAR) ₦367.54

SOUTH AFRICAN RAND (ZAR) ₦83.65

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 392 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

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Naira Exchange Rates Thursday 25 June 2026

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Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380.08

GREAT BRITISH POUND (GBP) ₦1,815. 63

EURO (EUR) ₦1,566.63

SWISS FRANC (CHF) ₦1,696.05

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202.62

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54

SAUDI RIYAL (SAR) ₦367.58

SOUTH AFRICAN RAND (ZAR) ₦82. 91

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

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