The Central Bank of Nigeria (CBN) has slammed a total of N5.65billion fine on four banks in Nigeria.
According to the CBN, the banks, which have South African links, were fined for breaching Nigeria’s forex regulations on the illegal capital repatriation of funds for MTN, another South African company.
The banks and the fines imposed on them are as follows:
Standard Chartered – N2.4bn
Stanbic IBTC – N1.8bn
Citibank – N1.2bn
Diamond Bank – N0.25bn
Apart from the fines, the CBN added that all the banks are also refund a total of $8.134bn for breach.