CBN prohibits forex sale to importers of textiles

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

Godwin Emefiele, CBN governor,  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