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CBN Imposes N5.87bn Fine on Four Banks for Violation Of Regulation

The apex bank announced the sanction in a statement issued in Abuja.

CBN Headquaters In AbujaCentral Bank of Nigeria (CBN) Headquarters In Abuja

The Central Bank of Nigeria (CBN) on Wednesday said it had imposed a total fine of N5.87bn on four banks for flagrant violation of extant laws and regulation.

The apex bank announced the sanction in a statement issued in Abuja.

The banks that were sanctioned are Standard Chartered – N2.4 bn, Stanbic IBTC – N1.8 bn, Citibank – N1.2bn and Diamond Bank ​- N0.25bn.

The apex bank also asked these banks to refund the sum of $8,134,312,397.63 for what it described as “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.”

Source: OkayNG.com

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Farouk Mohammed
the authorFarouk Mohammed
Chief Editor
Farouk Mohammed is a Senior Editor at Okay Nigeria (OkayNG.com). He has been publishing for 5 years and focused more on Local/World News on OkayNG.com.

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