Telecom giant MTN was fined $8.1 billion by the Central Bank of Nigeria, CBN over illegal repatriation of profits from Nigeria.

But after negotiations, including litigations, the company has now paid $53 million to settle the money transfer dispute.

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CBN governor Godwin Emefiele disclosed this on Tuesday, saying that was what the bank asked MTN to pay after it withdrew the case from court.

Emefiele said the money paid by MTN was a notional sum and that the company has been absolved from any wrongdoing, he said during a monetary policy meeting at which the bank left interest rates on hold at 14%.

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