Nigeria bans forex sale to importers of textiles, cotton to protect local production
London, March 5, 2019 (AltAfrica)-The Central Bank of Nigeria (CBN) has added cotton and textiles to the list of items that are not eligible for foreign exchange with immediate effect.
Speaking at a stakeholders meeting Tuesday in Abuja, CBN Governor, Mr. Godwin Emefiele, said the decision was critical towards reviving the moribund sector and creating jobs for Nigerians.
The move is intended to make it difficult for importers of clothing materials to import them by denying them access for foreign exchange from official windows.
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.