Monday, December 6, 2021
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CBN Slaps Four Banks With Fine Of N5.87bn For Violating Laws

Nigeria’s Apex bank, Central Bank of Nigeria, CBN, has imposed a huge fine of N5.87bn on four banks for flagrant violation of extant laws and regulation.

CBN made the announcement of the sanction in a statement issued in Abuja on Wednesday.

The fined banks are Standard Chartered – N2.4 bn, Stanbic IBTC – N1.8 bn, Citibank – N1.2bn and Diamond Bank – N0.25bn.

CBN also asked the banks to refund the sum of $8,134,312,397.63 for what it described as a 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.

 

PM News

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