Four Banks Get CBN’s Hammer for N5.8bn Due To Violations

…As Naira Gains Marginally Against Dollar At Parallel Market

The Central Bank of Nigeria on Wednesday said it had imposed a total fine of N5.87bn on four banks for flagrant violation of extant laws and regulation.

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

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 these 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.”

While at the parallel market, the Naira on Wednesday gained 30 kobo to exchange at N359 to the dollar in Lagos, against N359.30 on Tuesday.

The Pound Sterling and the Euro closed at N464 and N414, respectively.

At the Bureau De Change (BDC) window, the naira traded at N360 to the dollar, while the Pound sterling and the Euro closed at N464 and N414, respectively.

Trading at the investors’ window saw the naira close at N363.06, while it exchanged at N361.10 at the official CBN window.

Meanwhile, the CBN had continued to boost liquidity at the forex market with the injection of 210 million dollars on Tuesday.