CBN extends forex prohibition to importers of textiles

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, 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.