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Latest Headlines

Election Integrity: Obasanjo Calls for New Credible INEC Leadership

INEC Declares APC’s Aiyedatiwa Winner of Ondo Poll, Party Clears All 18 LGAs

FT: Dangote Seeking Bank Funding to Boost Crude Supplies to Refinery

WTO Urges Nigeria to Review Customs Procedures at Ports, Knocks High Rate of Physical Inspection

CBN Adds Cotton, Textile to List of Items not Eligible for FX

Breaking | 6 years ago

CBN Adds Cotton, Textile to List of Items not Eligible for FX

By James Emejo in Abuja

The Central Bank of Nigeria (CBN) has added cotton and textiles to the list of items that are not eligible for foreign exchange with immediate effect.

Speaking at a stakeholders meeting Tuesday in Abuja, CBN Governor, Mr. Godwin Emefiele, said the decision was critical towards reviving the moribund sector and creating jobs for Nigerians.

The move is intended to make it difficult for importers of clothing materials to import them by denying them access for foreign exchange from official windows.

Details later…

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