On Wednesday, 27th August the Central Bank Of Nigeria (CBN) released a statement declaring that four Nigerian banks have been fined for breaching the foreign exchange regulations imposed on the financial market.

The four banks —Diamond bank, Citibank, Stanbic IBTC and Standard Chatered bank, were fined for what CBN’s Director of Communications, Isaac Okorafor, described as “necessary action”. His statement explained that the identified banks have allocated illegal Certificates of Capital Importation (CCIs) to investors of MTN Nigeria, which have allowed these investors transfer money across the boarder illegally.

#CBN Slams N2.4bn fine on Standard Chartered, N1.8bn on Stanbic IBTC, N1.2bn on Citibank, N0.25bn on Diamond Bank. All to also refund a total of $8.134bn for breaching Nigeria's forex regulations on MTN's illegal capital repatriation.

— Central Bank of Nigeria (@cenbank) August 29, 2018

In their letter to MTN following the allegations, the CBN demanded that the communications company, as well as the identified banks, pay back a total of $8 billion, which the CBN says is the total amount that was illegally repatriated for their investors earlier this year. Asides this amount however, the Isaac Okarafor said that upon further investigation, the CBN found that the identified banks have been involved in other illicit acts of similar nature, between 2007 and 2015, and demanded that they pay back a total fine of N5.8 billion for these illegal activities.

Today morning, MTN refuted CBN’s claims of illegal repatriation of $8.1 billion.

The CBN’s spokesperson, Isaac Okorafor, in a statement sent to PREMIUM TIMES on Wednesday, said the management of banks and companies which fail to abide by the existing guidelines risk appropriate sanctions, which may include denial of access to the Nigerian foreign exchange market.

CBN’s resolve to sanction the commercial banks  investigations from March 2018, which confirm the allegations.

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