http://itedgenews.ng/2018/09/25/cbn-talks-mtn-nigeria-assures-investors-friendly-environment/
By: ITEdgeNews

The Central Bank of Nigeria (CBN) has assured investors of the country’s open policy to partnership and the provision of a friendly and enabling environment for businesses to thrive. The CBN also revealed that it was also in talks with MTN Nigeria and the four banks it sanctioned some weeks back over foreign exchange (FOREX) infractions.

In a statement signed by its Director, Corporate Communications, Isaac Okorafor, the apex bank debunked allegations of corporate mugging against the telecoms giant or deliberately wanting to stifle the environment against investors.

Having been drawn to speculations around the possibility of MTN to close shop, the apex bank stated that the “sanctions arose due to the irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.”

The CBN stated that the efforts made in its reforms and regulations revolves around simplifying the foreign exchange and creating a conducive and friendly environment for its teeming investors.

The statement reads:

“The Central Bank of Nigeria (CBN) acknowledges the public interest over the sanctions recently imposed on four deposit money banks (DMBs).

“We wish to state that the CBN will continue to welcome investments and investors. Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window are designed to simplify foreign exchange regulations.

“Furthermore, the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.”

CBN moves to resolve conflict with MTN, four banks

However, the CBN has been provided with new information by MTN and the banks which are being reviewed and encourages investors to take advantage of the investments opportunities in the country.

“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.

“We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.

“The CBN welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria.”