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DAILY BUSINESS NEWS BRIEF – Illegal forex deals: CBN slams N5.87bn sanctions on 4 banks

30
Aug

 

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Illegal forex deals: CBN slams N5.87bn sanctions on 4 banks
The Central Bank of Nigeria (CBN) has slammed sanctions totaling N5.87 billion on four banks.The CBN also asked the 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’.Figures released by the CBN on Wednesday indicated that the highest fine of N2,470,604,767.13 was slammed on Standard Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay the sum of N250 million for violating extant rules.Read More…]

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