BREAKING: CBN Slams 4 Banks With N5.8bn Fine (See List)

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Nigeria Will Be Out Of Recession By Third Quarter – CBN Governor

CBN Slams 4 Banks With N5.8bn Fine

The Central Bank of Nigeria (CBN) on Wednesday, August 29, imposed a fine of N5.8bn on four commercial banks for breaching Nigeria’s forex regulations on MTN’s illegal capital repatriation.

Naira Stable As CBN Injects $210Million Into Foreign Exchange

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

The banks are:

  1. Standard Chartered, N2.4bn
  2. Stanbic IBTC, N1.8bn
  3. Citibank, N1.2bn
  4. 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.”

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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