Home Business CBN Bans Importation of Textile Materials to Inhibit Smugglers

CBN Bans Importation of Textile Materials to Inhibit Smugglers

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Central Bank of Nigeria (CBN) on Tuesday added textile to the list of 42 items ineligible for officially sourced forex.

At a meeting with stakeholders in the cotton and textile value chain in his office, Emefiele promised tough times for smugglers of textile materials.

“Recalcitrant smugglers will be blacklisted from banking services”, he declared.

To also encourage the industry to grow and create jobs, Emefiele said an industrial hub would be created where electricity would be provided.

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