CBN Fines Diamond Bank, Others N5.87bn Over Illegal Foreign Exchange Deals

Acting  Director, Corporate Communications, Isaac Okorafor

The Central Bank of Nigeria (CBN) has forced a N5.87billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over affirmed outside trade anomalies. 

The banks, as per the Apex bank, supposedly transmitted outside trade with sporadic Certificates of Capital Importation (CCIs) to seaward financial specialists of MTN Nigeria Communications Ltd. 

CBN Acting Director, Corporate Communications, Department, Isaac Okorafor, said MTN was additionally requested to discount the CBN 8.13billion dollars which was unlawfully repatriated by the organization. 

Giving a breakdown of the forced fines, Okorafor said Standard Chartered Bank would pay a fine of N2.47 billion, Stanbic IBTC N1.88 billion, Citibank Nigeria N1.26 billion and Diamond Bank N250 million. 

The chief in an announcement said CBN's examination uncovered that 3.45 billion dollars was repatriated by Standard Chartered Bank based on the unlawfully issued CCIs. 

Okorafor additionally said the totals of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank, separately amid the period 2007 and 2015. 

He said the zenith bank had guided the influenced banks to instantly discount the individual totals to the CBN. 

The chief said that the CBN examination uncovered that because of unlawful change of MTN investors' advance to inclination offers of 399.59 million dollars, 8.13 billion dollars was wrongfully repatriated by the organization. 

Okorafor exhorted all banks and multinational organizations in Nigeria to stick entirely to the arrangements of every single surviving law and controls of Nigeria in their remote trade exchanges.