CBN stops issuing forex to importers of textiles

Central Bank of Nigeria, CBN

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.

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…