CBN hammers 4 Banks, slams heavy sanctions...
- Standard Chartered – N2.4bn; Stanbic IBTC – N1.8bn; Citibank – N1.2bn and Diamond Bank – N0.25 bn - Orders MTN to refund $8bn By admin The Central Bank of Nigeria (CBN) says it has imposed heavy sanctions totaling N5.87 billion on four banks under its regulatory purview and asked same 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’. ...