Nigeria: CBN seizing bank’s funds affirms rising political risk outlook
- September 7, 2018
- - 3:22 pm
Summary Nigeria’s political risk level rose higher following the unilateral seizure September 6 by the Central Bank of Nigeria of funds from accounts held by Standard Chartered, Stanbic IBTC, Citibank Nigeria, and Diamond Bank. Degrading confidence in Nigerian equities and higher domestic and foreign borrowing costs may well be paid by the Muhammadu Buhari administration, who are eyeing not market confidence but rather 2019 reelection victory. Analysis The Central Bank of Nigeria unilaterally debited September 6 the bank accounts of four banks for fines it levied days earlier for allegedly improperly externalizing the dividends of the South African telecommunications company MTN. …
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