Central Bank💰 of Nigeria Blocks❌ Forex for Textile Importation

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The Central Bank of Nigeria (CBN) has placed access to foreign exchange for all forms of textile materials on the FOREX restriction list, the bank’s governor, Godwin Emefiele, announced in Abuja on Tuesday.

Mr Emefiele made the announcement during a meeting with textile industry operators. He said the policy would take effect immediately.

He said the restriction would rejuvenate the textile industry in Nigeria and ensure that the needed growth is actualised.

“Accordingly, all FOREX dealers in Nigeria are to desist from granting any importer of textile material access to forex in the Nigerian Foreign Exchange market,” he said.

“In addition, we shall adopt a range of other strategies that will make it difficult for recalcitrant smugglers to operate banking business in Nigeria."

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