The Central Bank of Nigeria, CBN, has directed commercial banks and Bureau the Change operators to, immediately, stop sale of forex to import textiles and clothing materials in the country.
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The CBN governor, Mr Godwin Emefiele revealed the directive to newsmen on Tuesday in Abuja during a meeting with stakeholders in the cotton sector of the economy.
According to him, the restriction will help to encourage the growth of the textile and cotton industry in Nigeria.
He also said that operators in the sector would be granted loans at single-digit interest rates, as part of the renewed intervention.
In addition, the loans granted the operators by the Bank of Industry would be restructured, to ease their re-payment terms.