By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has stopped importers of textile and textiles materials from accessing its foreign exchange, forthwith.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

The CBN Governor, Mr. Godwin Emefiele, announced the forex restriction at a meeting with textile manufacturers, and cotton farmers at the bank’s headquarters, in Abuja, this morning.

He directed that banks and Bureaux we Change must stop selling foreign exchange to such importers with immediate effect.

According to him, discouraging textiles imports was key to revamping the local industry.

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He also said that operators in the sector would be granted loans at single-digit interest rates, as part of the renewed intervention.

In addition, the loans granted the operators by the Bank of Industry would be restructured, to ease their re-payment terms.

Details later…