CBN imposes N5.87 billion fine on four banks in Nigeria

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

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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 in a statement issued by the apex bank in Abuja on Wednesday 29th of August.

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.”

By: Arinze Echegu

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