Following the sanction meted out to Citibank Nigeria Limited last week to the tone of N1.3 billion for breaching foreign exchange remittances, the bank has written to the Central Bank of Nigeria (CBN), stating its own case.
The sanction was based on remittance of forex on the basis of irregular Certificates of Capital Importation (CCIs) done on behalf of MTN Nigeria.
In a statement on Wednesday, Citibank Nigeria Limited (Citi) said it “recently received a letter from the Central Bank of Nigeria (CBN) imposing sanctions on Citi for alleged breaches of foreign exchange regulations in respect of foreign exchange remittances done on behalf of a customer, MTN Nigeria Communications Limited.
“Citibank Nigeria Limited has sent a detailed response to the CBN addressing the serious allegations made in the CBN letter.
“Citibank Nigeria Limited remains committed to complying with all extant foreign exchange rules and regulations of the Federal Republic of Nigeria.”
The statement was signed by Mrs. Lola Oyeka from the media desk of the bank.
