Forex Sanctions: CBN Assures Foreign Investors of Support

• Forex Sanctions: CBN Assures Foreign Investors of Support

The Central Bank of Nigeria has said that it will continue to welcome foreign investors and put in place initiatives for conductive business environment.

In a statement on Wednesday by the Director, Corporate Communications, Isaac Okorafor, the CBN said the sanctions recently imposed on four deposit money banks was in the public interest.

It stated, “We wish to restate that the CBN will continue to welcome foreign investments and investors. Indeed, 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.

“Furthermore, the delegation of the issuance of Certificates of Capital Importation 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.”

It said that the recent sanctions imposed on the banks arose due to irregularities with respect to repatriation of funds made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.

In response to the recent regulatory actions, it stated that the banks and MTN were engaging with the CBN and had provided additional information currently being reviewed with a view to arriving at an equitable resolution.

“We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.

“The CBN welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria.”