The Director of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said foreign exchange volatility impacted firms’ losses negatively.

Yusuf, the former Director-General of Lagos Chamber of Commerce and Industry, disclosed this to the Newsmen on Monday while reacting to the planned exit of GlaxoSmithKline (GSK) from Nigeria.

Last week, GlaxoSmithKline said it is eyeing closing operations in Nigeria.

Yusuf said the challenging macroeconomic environment in the country hurts Nigeria’s manufacturing sector.

“The losses declared by reacting to the firms recently manifested the impact of exchange rate risk”, he said.

Recall that the Central Bank of Nigeria floated the Naira at the forex market in June.