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Tuesday, 5 March 2019

NEW BOOM FOR LOCAL FASHION DESIGNERS AS CBN BOSS ANNOUNCES 'NO MORE FOREX FOR TEXTILE IMPORT'


The Central Bank Governor of Nigeria Mr Godwin Emefiele has just dropped the bomb! He said no more forex for textiles, garments import!

For a people who largely have been relying on foreign tastes for what they wear, this is certainly going to be a major economic shift.

But who gains? The local manufacturers of fabric, clothing and fashion designers who rely on local products to put out their stuffs.

Emefiele said that Textiles and garments imports have joined the forex restriction list of the Central Bank of Nigeria.

Emefiele who made the announcement during a meeting with textile industry stakeholders, said that the policy would take effect immediately.

1 comment:

  1. Very disturbing because ofour ele tricity problem and cost of getting made in nigeria cloths is on a very high side. Before we consider this all logistics to make it sustsinable with great results in increase in our GDP must be in place. This system and the government policies are not friendly to entreprenurs in this country. The system is frastating us. Goverent should come up with a friendly Entreprenurship Policies. Nigerians are viable and vibrant are HeadStartAfrica Facebook community ready to transform this country with their innovative ideas.

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