Consequently, importers of textile and textile materials would not be able to purchase foreign exchange from banks and bureaux de change as well as other operators in the official foreign exchange market.
“Financial support to Textile manufacturers with the provision of funds at single digits rate, to refit, re-tools and upgrade their factories in order to produce high quality textile materials for the local and export market “As part of its Anchor Borrowers Program, the CBN will support local growers of cotton to enable them meet the needs of the textile industries in Nigeria. The CBN shall also support efforts to source high yield cotton seedlings so as to ensure the yields from our cotton farmers meet global benchmarks,” he explained further.