Union lauds CBN for zero forex on textile import


By Eguono Odjegba

The National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, has lauded the Central Bank of Nigeria, CBN, for banning sales of foreign exchange to importers of textile materials, arguing that the action will not only protect efforts at reviving the local industry but protect the industry against unscrupulous elements.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

The group’s Secretary General, Comrade lssa Aremu, lamented that the smuggling and wholesale importation of textiles hitherto have contributed to the closure of many textile companies, killing the once second largest employers of labour in the country.

Aremu, who was also the Labour Party governorship candidate in Kwara in the March 9, 2019 elections, said the action of the CBN would promote the growth of the textile industries in Nigeria.

He stated: “One of the tough and courageous actions the Central Bank of Nigeria has taken in a very long time is the recent…

Source: Vanguard Newspaper