CBN bans forex sale to importers of textiles


Commercial banks and bureaux de change operators have been directed to stop sale of forex for the import of textiles and clothing materials in Nigeria.

The governor Central Bank of Nigeria (CBN), Godwin Emefiele, announced this at a meeting with stakeholders in the cotton sector in Abuja on Tuesday. He said the restriction will help to encourage the growth of the industry.

“The CBN hereby place the access to FX for all forms of textile materials on the FX restriction list,” he said.

“Accordingly, all FX dealers in Nigeria are to desist from granting any importer of textile material access to FX in the Nigerian Foreign exchange market.

In addition, we shall adopt a range of other strategies that will make it difficult for recalcitrant smugglers to operate banking business in Nigeria. The details of those strategies will be unfolded in due course.”

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