MTN shares rise as Nigeria’s central bank could reduce amount it ordered the company to repatriate

PUBLISHED: Mon, 08 Oct 2018 12:16:20 GMT
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JOHANNESBURG (Reuters) – South Africa’s MTN Group shares rose as much as 2.55 percent after the Nigerian central bank governor said on Sunday the bank may reduce the amount it has ordered the telecoms firm to repatriate as part of an ongoing disagreement.

MTN and the central bank are in a dispute over the transfer of $8.1 billion of funds which the bank said the company had sent abroad in breach of foreign-exchange regulations. At 0837 GMT shares in MTN were up 2.03 percent to 85.50 rand.

Reporting by Nqobile Dludla; Editing by James Macharia

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