CBN governor “optimistic” MTN issue will be resolved “soon”

“We will resolve the matter in a way that will leave MTN, the banks, the government and the Central Bank of Nigeria happy,” he told reporters on Tuesday in the capital, Abuja, after he announced that the bank was retaining Monetary Policy Rate at 14%.

Emefiele said the central bank had not imposed a fine or sanction on MTN, rather, it is seeking that the wireless operator reverses the $8.1 billion it had repratriated from the Nigeria with the regulatory body’s approval.

“I would call it neither a fine nor a penalty. We want a reversal of that transaction because it was not finally authorized by the Central Bank of Nigeria. We will invite the banks and the company to prove their case,” he said.

Emefiele also said that the central bank has received documents from the telecommunication operator as well as the banks fined for helping the company illegally move $8.1 billion from the Nigeria and the bank’s examiners reviewing the information.

“It’s important that the country’s foreign-exchange laws be obeyed” adding “in due course, we’ll make a final call on this subject,” he said.