05/03/ · Textiles and garments imports have joined the FOREX restriction list of the Central Bank of Nigeria, the Governor, Mr Godwin Emefiele, announced in Abuja on Tuesday. Emefiele made the announcement during a meeting with textile industry stakeholders and added that the policy would take effect immediately. Nigeria spends an estimated $4billion on imported textiles yearly. [ ] •CBN Governor Emefiele. Textiles and garments imports have joined the FOREX restriction list of the Central Bank of Nigeria, the Governor, Mr Godwin Emefiele, announced in Abuja on Tuesday. Emefiele made the announcement during a meeting with textile industry stakeholders and added that the policy would take effect immediately 06/03/ · The Central Bank of Nigeria (CBN) has imposed foreign exchange restriction on importation of textile and textile materials into the country. Consequently, importers of textile and textile Estimated Reading Time: 7 mins
CBN bans FOREX for textiles, garments import - News Express Nigeria
Posted by Folasade Akpan, Abuja 5 March 1, times, cbn policy on forex for textiles. Textiles and garments imports have joined the FOREX restriction list of the Central Bank of Nigeria, cbn policy on forex for textiles, the Governor, Mr Godwin Emefiele, announced in Abuja on Tuesday.
Emefiele made the announcement during a meeting with textile industry stakeholders and added that the policy would take effect immediately.
Emefiele said that the restriction would rejuvenate the textile industry in Nigeria cbn policy on forex for textiles ensure that the needed growth was actualised. On the issue of smuggling, he said it would be dealt with seriously to discourage importation of textiles and force sellers of textile and garments to buy from Nigerian producers.
He added that as part of its Anchor Borrowers Programme, the CBN would support local growers of cotton to enable them to meet the needs of the textile industry in Nigeria. Emefiele also assured the stakeholders that the bank would provide financial support to textile manufacturers with the provision of funds at single digit rate to refit, retool and upgrade their factories. This, he said, was for them to be able to produce high quality textile materials for local and export market. The governor also assured the stakeholders that regarding provision of stable electricity, the CBN would support the creation of textile production centres in certain designated areas where access to electricity would be guaranteed.
He added that the sector supported the clothing needs of Nigerians as the markets were filled with locally produced textiles from different companies. Emefiele said it was no secret that the past 20 years was very difficult for many textile firms as they faced rising operating cost and weak sales due to high energy cost, smuggling of textile goods and poor access to finance. On a lighter note, responding to a question from a journalist about a rumour regarding his removal, Emefiele said his tenure would expire in June.
He added that the intervention programmes of the CBN had been on since and moved from one governor to the other and that he was very optimistic that even if another governor was appointed, the programmes would continue. Mr Anibe Achimugu, the National President, National Cotton Association of Nigeria, said the association was very pleased with the interventions by CBN but appealed that the interventions should begin quickly. He said the cotton planting season would begin in May and that it cbn policy on forex for textiles be profitable to access loans before then and put them to good use.
He also appealed that the working capital loan and the long term loan given by the Bank of Industry be restructured and merged into long term loans so the borrowers could afford to pay back. InCBN restricted the availability of foreign exchange to the importation of 41 items which could be competitively produced within the cbn policy on forex for textiles and the list has increased overtime.
CBN bans FOREX for textiles, garments import Posted by Folasade Akpan, Abuja 5 March 1, times. Apple set to release biggest iPhone in Anger as herdsmen graze on N3m maize farm in Oyo. I know what will end Biafra agitation — Archbishop Chukwuma. Supreme Court dismisses appeal to stop investigation into N1.
Face Off: Is The CBN Forex Policy Good Or Bad For The Nation -- Pt 1
, time: 13:02CBN Bans FOREX For Textiles, Garments Import In Nigeria
06/03/ · The Central Bank of Nigeria (CBN) has imposed foreign exchange restriction on importation of textile and textile materials into the country. Consequently, importers of textile and textile Estimated Reading Time: 7 mins 05/03/ · The Central Bank of Nigeria (CBN) has placed access to foreign exchange for all forms of textile materials on the forex restriction list, the governor, Godwin Emefiele, announced in Abuja on blogger.comle made the announcement during a meeting wit Textiles and garments imports have joined the FOREX restriction list of the Central Bank of Nigeria, the Governor, Godwin Emefiele, announced in Abuja on Tuesday. Emefiele made the announcement during a meeting with textile industry stakeholders and added that the policy would take effect immediately
No comments:
Post a Comment