{"id":27114,"date":"2018-10-08T12:21:49","date_gmt":"2018-10-08T11:21:49","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=27114"},"modified":"2018-10-08T12:21:49","modified_gmt":"2018-10-08T11:21:49","slug":"cbn-raises-mtns-hope-on-8-1b-repatriation","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-raises-mtns-hope-on-8-1b-repatriation\/","title":{"rendered":"CBN Raises MTN\u2019s Hope On $8.1b Repatriation"},"content":{"rendered":"

The Central Bank of Nigeria (CBN) may reduce the $8.1billion it ordered MTN Nigeria to repatriate as part of an ongoing disagreement, its governor Godwin Emefiele said yesterday.<\/p>\n

The MTN and the CBN are in a dispute over the transfer of $8.1 billion of funds which the bank said the company had sent abroad in breach of foreign-exchange regulations. Nigeria accounts for a third of MTN\u2019s annual core profit.<\/p>\n

\u201cI don\u2019t think it will be staying at $8.1 billion,\u201d Emefiele said during a visit to London, adding he expected the issue to be dealt with \u201camicably and equitably\u201d.<\/p>\n

\u201cI want to believe that the figures will reduce. Whether they will be dropped completely, I honestly cannot say at this time.\u201d<\/p>\n

Emefiele said the CBN had received documents two weeks ago from MTN and four lenders involved in the case \u2013<\/p>\n

Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank \u2013 and was in communications with all parties involved.<\/p>\n

\u201cThe central bank will be examining these, then it will be escalated up to my level,\u201d he said, adding he expected to get the results in a couple of weeks.<\/p>\n

The two sides are locked in a court dispute over the transaction. The central bank filed a counter-claim on Friday to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money.<\/p>

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Emefiele said the MTN case was a one-off, and the central bank was not looking at transactions involving any other companies operating in Nigeria.<\/p>\n

\u201cWe respect the sanctity of these companies,\u201d he said.<\/p>\n

Shares in MTN lost almost five per cent over the past week.<\/p>\n

Emefiele also said the CBN would continue to intervene in the foreign exchange markets, adding that he believed in a stable exchange rate regime.<\/p>\n

Nigeria has been battling to defend its currency and shore up its reserves of around $44 billion, hobbled by lower oil prices. At the same time, the oil exporter has suffered from high inflation, which edged up to 11.2 percent at its last reading \u2013 well above the central bank\u2019s 6-9 percent target.<\/p>\n

Emefiele said Nigeria\u2019s current stance of monetary tightening would continue.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) may reduce the $8.1billion it ordered MTN Nigeria to repatriate as part of an ongoing disagreement, its governor Godwin Emefiele said yesterday. The MTN and the CBN are in a dispute over the transfer of $8.1 billion of funds which the bank said the company had sent abroad in …<\/p>\n","protected":false},"author":6,"featured_media":26229,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[1800],"coauthors":[2391],"class_list":["post-27114","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-mtn-nigeria"],"yoast_head":"\nCBN Raises MTN\u2019s Hope On $8.1b Repatriation - National Wire<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) may reduce the $8.1billion it ordered MTN Nigeria to repatriate as part of an ongoing disagreement,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-raises-mtns-hope-on-8-1b-repatriation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN Raises MTN\u2019s Hope On $8.1b Repatriation - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) may reduce the $8.1billion it ordered MTN Nigeria to repatriate as part of an ongoing disagreement,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/cbn-raises-mtns-hope-on-8-1b-repatriation\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-08T11:21:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/3ab1ccf6-download.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"437\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-raises-mtns-hope-on-8-1b-repatriation\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/3ab1ccf6-download.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/3ab1ccf6-download.jpg\",\"width\":800,\"height\":437,\"caption\":\"A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa, February 23, 2016. 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