The Central Bank of Nigeria (CBN), the four banks recently sanctioned and alongside MTN are reviewing new information to reach a mutually agreeable resolution of the impasse.
Director, Corporate Communications of the CBN Mr. Isaac Okorafor made this disclosure last night in Abuja. According to him, “four Banks and MTN Okorafor disclosed “are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.”
The recent sanctions on the banks he said “arose due to 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.”
Okorafor noted that “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.”
According to the CBN spokesman, “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.”
The CBN assured all investors that the integrity of the Certificates of Capital Importation (CCIs) regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.
Okorafor also assured foreign investors that there will not be retroactive application of its foreign exchange rules and regulations.
He said the assurance had become necessary in order to let foreign investors know that “the CBN will continue to welcome foreign investments and investors.”
This overture to foreign investors Okorafor noted is in reaction to tension generated over the sanction it imposed on four banks and Telecoms company MTN.
The CBN he said “welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria.”