The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Monday allayed concerns over the sanctions meted out on MTN Nigeria and any worry by foreign investors on the integrity of Certificates of Capital Importation (CCIs) already issued.
Emefiele, who spoke to THISDAY in China, assured the investment community, both local and international, as well as all financial institutions that it would continue to honour and maintain the integrity of all valid CCIs, except those in violation of the extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and the Foreign Exchange Manual, 2006.
A CCI is a certificate issued by a Nigerian bank confirming an inflow of foreign capital either in the form of cash (loan or equity) or goods.
The CBN last week slammed a fine of N5.87 billion on four banks over the violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and the Foreign Exchange Manual, 2006.
Also affected was MTN Nigeria, which the CBN directed to immediately refund $8,134,312,397.63, which was illegally repatriated by the telecoms company, to the coffers of the bank. The CBN governor, however, confirmed that MTN Nigeria would refund the money at the exchange rate at which they were remitted and not the current rate, leaving the telco with the potential loss of over $4billion in exchange rate.
(ThisDay)
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