Nigeria Forbid Textile Import Settlement

The Central Bank of Nigeria issued a ban on textile import settlement in March 5th, prohibiting all importers of textiles and other clothing materials from applying for foreign exchange purchase.

This policy is aimed at revitalizing Nigeria's textile industry, cotton and garment industry, thereby increasing the number of employment opportunities in Nigeria and promoting Nigeria's economic development.

In March 5th, the president of the Nigeria Central Bank held a textile industry meeting with the Nigeria textile industry, and announced that all textile prohibition of foreign exchange instruction was effective immediately.

The banks and foreign exchange dealers participating in the Nigeria foreign exchange market need to provide foreign exchange sales to textile importers on the basis of instructions.

The central bank will also cooperate with the textile industry to provide low interest financial credit, help Nigeria textile industry to upgrade and upgrade equipment, and promote the production of higher quality textiles and garments.