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Cash crisis hits Nigeria cocoa exports in blow to world supply
来源：shippingazette 编辑：编辑部 发布：2023/02/23 15:55:35
NIGERIA's cocoa exports are under threat from a cash shortfall to pay labourers and truckers, reports Bloomberg.
The country's central bank in October announced it would redesign 200, 500, and 1,000-naira notes to mop up excess cash and rein in inflation.
As much as US$4.6 billion has been returned to banks, and the policy has led to a severe shortage of bills.
"We don't have a quantum of the new notes now to pay for all the services like grading fees, handling charges, freight, and some other sundry charges - all of which we usually pay in cash," said Cocoa Association of Nigeria president Mufutau Abolarinwa.
The situation could further hinder the supply concerns that have lifted London cocoa prices to a six-year high.
Futures recently increased six per cent amid reports of bean shortages in top grower Ivory Coast. Upcoming cocoa plantings may also be disrupted as landowners can't get enough money to cover workers' daily wages.
Said Ile-Ife Cooperative Produce Marketing Union manager Isaac Arayela: "We have no cash to pay our members for their cocoa supplies, and they won't accept bank transfers,"
"Staff spend hours in bank queues to obtain cash, which in most cases is not available."
The country's central bank in October announced it would redesign 200, 500, and 1,000-naira notes to mop up excess cash and rein in inflation.
As much as US$4.6 billion has been returned to banks, and the policy has led to a severe shortage of bills.
"We don't have a quantum of the new notes now to pay for all the services like grading fees, handling charges, freight, and some other sundry charges - all of which we usually pay in cash," said Cocoa Association of Nigeria president Mufutau Abolarinwa.
The situation could further hinder the supply concerns that have lifted London cocoa prices to a six-year high.
Futures recently increased six per cent amid reports of bean shortages in top grower Ivory Coast. Upcoming cocoa plantings may also be disrupted as landowners can't get enough money to cover workers' daily wages.
Said Ile-Ife Cooperative Produce Marketing Union manager Isaac Arayela: "We have no cash to pay our members for their cocoa supplies, and they won't accept bank transfers,"
"Staff spend hours in bank queues to obtain cash, which in most cases is not available."