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MTN Nigeria replies CBN on illegal repatriation of $8.1 billion

MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors.

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Illegal repatriation: MTN to refund $8.13bn as CBN fines 4 banks N5.87bn

The Central Bank of Nigeria (CBN) has imposed a N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged illegal remittance of foreign exchange to offshore investors of MTN Nigeria Communications Limited.

This is even as the CBN has directed MTN to refund 8.13 billion dollars which was illegally repatriated by the company with the aid of the four Nigerian banks.

Nigeria’s Inflation Rate Drops, Says NBS

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for July dropped to 11.14 per cent (year-on-year) from 11. 23 per cent recorded in June.

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