Nigeria's textile import rises by 258% in Q1 despite FX restriction

Nigeria’s textile import rises by 258% in Q1 despite FX restriction

This shows that importers found other means to source for FX where the price has increased by 31 percent

Despite the Central Bank of Nigeria’s (CBN) restriction of Foreign Exchange (FX) for textile products imports since 2019, its import has skyrocketed. According to the National Bureau of Statistics (NBS) trade report, importation of textile and textile articles rose year-on-year by 257.9 percent

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