Commercial banks and bureaux de change operators have been directed to stop sale of forex for the import of textiles and clothing materials in Nigeria.
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The governor Central Bank of Nigeria (CBN), Godwin Emefiele, announced this at a meeting with stakeholders in the cotton sector in Abuja on Tuesday. He said the restriction will help to encourage the growth of the industry.
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“The CBN hereby place the access to FX for all forms of textile materials on the FX restriction list,” he said.
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“Accordingly, all FX dealers in Nigeria are to desist from granting any importer of textile material access to FX in the Nigerian Foreign exchange market.
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In addition, we shall adopt a range of other strategies that will make it difficult for recalcitrant smugglers to operate banking business in Nigeria. The details of those strategies will be unfolded in due course.”
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