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Industry News | Time: Nov 21 2019 9:22AM
Intervene of Indonesian Central Bank in Nigeria's textile industry
 
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According to Nigeria's New Telegraph on Nov 18, the Central Bank of Nigeria recently revealed that in order to revive the country’s textile industry, CBN is boosting the effort with N100 billion funding intervention, and apex bank had already disbursed about N50 billion to the cotton and ginning components of the sector.

Godwin Emefiele, the CBN Governor, said that according to the executive order of President Buhari, military and paramilitary agencies must purchase uniform fabrics at home.

This came shortly after CBN stopped the settlement of foreign exchange of imported textiles and palm oil.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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