Textile association says still cant access forex after cbn intervention
It appears that the textile association in Nigeria is still facing challenges in accessing foreign exchange (forex) despite the intervention of the Central Bank of Nigeria (CBN).
Here's a possible summary of the situation:
Background: The textile industry in Nigeria has been facing significant challenges, including a shortage of foreign exchange, which has made it difficult for them to import raw materials and machinery.
Intervention by CBN: In response to the industry's plea, the CBN intervened by allocating a special foreign exchange window for the textile industry. This was aimed at providing a stable and reliable source of forex for the industry to import essential raw materials and machinery.
Current situation: Despite the CBN's intervention, the textile association is still facing challenges in accessing forex. The association has reportedly complained that the allocated forex is not sufficient to meet their needs, and that the process of accessing the forex is still cumbersome and bureaucratic.
Implications: The continued lack of access to forex is likely to have significant implications for the textile industry in Nigeria. It may lead to further decline in production, loss of jobs, and a negative impact on the overall economy.
Possible solutions: To address this issue, the CBN and the government may need to consider the following solutions:
- Increase the allocation of forex to the textile industry.
- Simplify the process of accessing forex for the industry.
- Provide additional support to the industry, such as subsidies or tax incentives, to help them recover from the current challenges.
- Encourage local production of raw materials and machinery to reduce reliance on imports.
Overall, the continued challenges faced by the textile association in accessing forex highlights the need for a more sustainable and effective solution to the industry's problems.