If you are an importer of textile materials, you may not be able to get access to the Central Bank of Nigeria, CBN auctioned foreign exchange for your import needs henceforth.

CBN Governor, Godwin Emefiele said this at the textile industry stakeholders meeting in Abuja.

While delivering an opening remark, he said: “Effective immediately, the CBN hereby places the access to foreign exchange for all forms of textile materials on the foreign exchange restriction list.

“Accordingly, all foreign exchange dealers in Nigeria are to desist from granting any importer of textile material access to foreign exchange 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.

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“The details of those strategies will be unfolded in due course. We shall, initially support the importation of cotton lint for use in textile factories, with a caveat that such importers shall begin sourcing all their cotton needs locally beginning from year 2020.

“As part of its Anchor Borrowers Program, the CBN will support local growers of cotton to enable them meet the needs of the textile industries in Nigeria. The CBN shall also support efforts to source high yield cotton seedlings to ensure the yields from our cotton farmers meet global benchmarks.”

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