CBN prohibits forex sale to importers of textiles | Nairalaw

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

The CBN Governor, Mr 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.

Details later…