In a bid to promote local manufacturing, the Central Bank of Nigeria (CBN) has placed restrictions on the
sale of foreign exchange to importers of textiles and other clothing materials.
The CBN Governor, Godwin Emefiele, made this known on Tuesday while meeting with the stakeholders in the cotton value chain. Emefiele said that the restrictions which will take 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.
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