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Report: Nigeria's central bank to meet with MTN's lenders over $8.1B dispute

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Report: Nigeria's central bank to meet with MTN's lenders over $8.1B dispute

The Central Bank of Nigeria has called a meeting with the local heads of the four lenders of South Africa's MTN Group Ltd. — U.K.-based Standard Chartered PLC, U.S.-based Citibank NA and local banks Stanbic IBTC Holdings PLC and Diamond Bank PLC — to discuss the dispute over the telecom firm's controversial fund transfer, Reuters reported, citing an unnamed banking source.

The meeting, scheduled Nov. 9, comes after a court in Lagos adjourned a hearing on the case until Dec. 4.

The Central Bank of Nigeria in August ordered MTN and the four banks to return roughly $8.13 billion it says MTN illegally transferred abroad in violation of foreign exchange regulations. The regulator also fined the lenders a combined 5.65 billion Nigerian naira for allegedly breaching foreign exchange rules by failing to verify if MTN had met the requirements for the transfer.

As of Nov. 9, US$1 was equivalent to 364.0 Nigerian nairas.