Breaking: CBN bans sale of forex to textile importers

The Central Bank of Nigeria (CBN) has directed commercial banks and bureaux de change operators to stop sale of forex for the import of textiles and clothing materials in the country.

Godwin Emefiele, governor of the bank, 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.

“The CBN hereby place the access to FX for all forms of textile materials on the FX restriction list,” he said.

“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.

“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.”