CBN Bans Sale of Forex to Importers of Textiles - THISDAYLIVE via thisdaylive
Citing the whopping $4 billion spent annually on importation of textile materials into the country, the Central Bank of Nigeria yesterday added all forms of textile materials to the list of items that are not eligible for foreign exchange from the official windows with immediate effect.
He said going forward, the apex bank would adopt a range of other strategies that will make it difficult for recalcitrant smugglers to operate banking business in Nigeria, adding that details of the proposed strategies would be unfolded in due course. The apex bank governor said the country currently spends over $4 billion annually on imported textiles and ready-made clothing.
Emefiele also said that the CBN would support efforts to source high-yield cotton seedlings “to ensure the yields from our cotton farmers meet global benchmarks.” He said: “One quick example that highlights the potential of this local market includes the need to support provision of uniforms and clothing apparels for school students, military and paramilitary officers as well as workers in the industrial sector.
He noted that following a successful general election, “our foreign investor- friends have began to show interest in Nigeria again, given their confidence of a stable business environment.” “In order to achieve this goal, the CBN together with other critical stakeholders recently identified key commodities and products such as textiles and palm oil that have the ability to support the creation of hundreds of thousands of jobs in our economy.”
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