CBN forbids foreign exchange for textile importers

The Central Bank of Nigeria (CBN) has placed foreign exchange restrictions on importers of textile materials with immediate effect.
The measure is part of efforts to encourage the development of the country’s textile industry.
The apex bank has also resolved to provide financial support for cotton producers at single-digit interest rates.
Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), announced the measures in Abuja on Tuesday.
He explained that he was optimistic that the intervention programmes, especially on cotton production would continue with or without him as the governor of CBN.
“The intervention programmes have been on since 1978.
“They moved from one governor to another governor and I am very optimistic that even if another governor comes, no right-thinking person would abandon an initiative that is laudable and is meant to create jobs and is meant for the good of our country.
“Part of that intervention is the support for cotton farmers.’’
The CBN governor whose tenure would end in June this year denied reports of his removal from office.
He said: “At least you can see me; I am doing my work.’’
Emefiele who was appointed as CBN governor on June 3, 2014 by former President Goodluck Jonathan, said: “I am confused and concerned about some stories going around. At least you can see me; I am doing my work, my tenure expires in June.’’
Prior to his appointment, the 57-year-old banker was the Group Managing Director and Chief Executive Officer of Zenith Bank.