Textile garment union lauds CBN’s ban on sale of FOREX vanguardngr.com vanguardnews
CBN had on March 5, at its meeting with stakeholders in the cotton, textile, garment value chain in Abuja, banned the sale of FOREX to importers of textiles into the country.The CBN listed all forms of textile materials among items prohibited from foreign exchange in its official windows.
He said that smuggling and wholesale importation of textiles contributed to the closure of many textile industries in the past. According to Aremu, the CBN governor had said the decision was critical toward reviving the moribund sector and creating jobs for Nigerians. Aremu said that the CBN would make life difficult for smugglers and warned all FX dealers in the country to desist from granting any importer of textile material access to foreign currency in the Nigerian foreign exchange market.
The labour leader said that the industry was supported in the production of cotton by 600,000 local farmers across 30 of Nigeria’s 36 states, among others.
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