The Central Bank of Nigeria has slammed fines totalling over N5 billion on four banks “for breaching Nigeria’s forex regulations” and asked MTN Nigeria Communications Limited to refund $8.134 billion.
All four banks – Standard Chartered, Stanbic IBTC, Citibank and Diamond Bank – were fined with regards to capital repatriation by telecoms giant MTN.
The Central Bank hit Standard Chartered with a N2.4 billion fine (N2,470,604,767.13), slammed a N1.8 billion (N1,885,852,847.45) fine on Stanbic IBTC. Citibank is to pay N1.2 billion fine (N1,265,541,562.31) while Diamond Bank was handed a N0.25 billion fine (N250 million).
The CBN imposed the sanctions on the banks which are under its regulatory purview for “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006”.
CBN’s Director of…
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