The Central Bank of Nigeria has announced 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.
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He said the restriction takes immediate effect, and it’s 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.
