Nigeria's central bank restricts sale of forex to textile importers

CBN says it will intensify effort to encourage the industry to grow and create jobs and as well as fight smugglers of textile materials.

Governor Godwin Emefiele announces that Nigeria's central bank is keeping its benchmark interest rate on hold at 13 percent in Abuja, Nigeria, July 24, 2015. REUTERS/Afolabi Sotunde
  • Central Bank of Nigeria (CBN) adds textile and other clothing materials to the list of 42 items ineligible from sourcing FX
  • Godwin Emefiele, CBN governor, says the effort is to encourage the industry to grow and create jobs.
  • The list of items banned from forex now 43.

The Central Bank of Nigeria (CBN) has added textile and other clothing materials to the list of 42 items ineligible from sourcing FX from the official market.

Godwin Emefiele, the CBN governor, stated this at a meeting with textile stakeholders in the value chain in his office on Tuesday.

He said the CBN will intensify effort to encourage the industry to grow and create jobs and as well as fight smugglers of textile materials.

Speaking on reviving Nigeria’s textile sector, Emefiele said, “We are here to change this narrative today. 

“I believe that if the CBN along with other critical stakeholders are able to address some of the challenges facing this key industry, given the high domestic demand for textiles, we will be able to create jobs for our economy, while increasing production of textiles in Nigeria.”

“Effective immediately, the CBN hereby place the access to FX for all forms of textile materials on the FX restriction list.

He advised all FX dealers in Nigeria to desist from granting any importer of textile material access to FX.

Last December, the CBN also added fertilizer to the list of items illegible for forex. The items now stand at 43.

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