Our action not to discourage foreign investors – CBN

The (CBN) has said that its recent decision to sanction for banks and MTN is not meant to discourage foreign investors.
This is just as it insisted that it will continue to welcome foreign investments and investors.
According to the Director, Corporate Communications, Isaac Okoroafor, some of our recent innovations and reforms of the regime such as the introduction of the NAFEX window, are designed to simplify regulations.
“Furthermore, 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 .
“The recent sanctions on the banks 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 as it wwelcomes all legitimate investors to take advantage of the enormous investment opportunities in the country,” the statement said.
On its recent actions, the Apex Bank said its engaging the Banks and MTN and they have provided additional information which is 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 rules and regulations,” the Bank added

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