Sunday, May 9, 2021

CBN stops issuing forex to importers of textiles

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Rayyan Alhassan
Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a 30-year-old graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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Governor of Central Bank of Nigeria, CBN, Godwin Emefiele on Tuesday disclosed that the bank has placed restrictions on the sale of foreign exchange to importers of textiles and other clothing materials into the country.

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Mr Emefiele, who made the disclosure in Abuja during a meeting with stakeholders in the cotton value chain, said henceforth, banks and dealers in the foreign exchange market are prohibited from selling forex to importers of textiles and clothing materials.

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According to him, the restriction which takes immediate effect was to encourage the growth of the textile and cotton industry in the country.

Details later…

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