CBN bars textile importers from accessing forex

Emefiele

PHOTO CREDIT: SHIPS & PORTS archive

The Central Bank of Nigeria (CBN) on Tuesday announced the restrictions of sale of foreign exchange to importers of textiles and other clothing materials.

The CBN Governor, Godwin Emefiele, said this in Abuja during a meeting with stakeholders in the cotton value chain.

He said the restriction, which takes immediate effect, was to encourage the growth of the textile and cotton industry.

He said henceforth, banks and dealers in the foreign exchange market are prohibited from selling forex to those seeking to import textiles and clothing materials.

 

 

We pay for your stories! Do you have a story for Ships & Ports? Email us at tips@shipsandports.com.ng or call 0810 359 4873. You can also WhatsApp us here. We pay for videos too. Click here to upload yours. 

 

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.