AREMU HAILS CBN’S BAN ON FOREX SALE TO TEXTILES IMPORTERS
Written by thereachfm on March 18, 2019
The General Secretary of National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN), Issa Aremu has applauded the Central Bank of Nigeria (CBN) for the recent ban on sale of forex to importers of textiles into the country.
The Central Bank of Nigeria at its recent meeting with stakeholders in the Cotton, Textile, Garment value chain in Abuja listed all forms of textile materials among items prohibited from foreign exchange in the official windows.
The CBN also promised a financial intervention to textile manufacturers with the provision of funds at single digits rate, to refit, retool and upgrade their factories to enable them produce high quality textile materials for the local and export market.