[News] Central Bank of Nigeria Imposes N5.87 Billion Fine On Stambic IBTC, Diamond Bank, Two Others

The Central Bank of Nigeria, CBN, has imposed a total fine of 5.87billion on four banks in the country.

They were accused of flagrant violation of extant laws and regulation.

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

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 the affected 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.”