BREAKING: Standard Chartered, Citi Banks Pay CBN Fine
The Central Bank of Nigeria, CBN has debited Standard Chartered $7.9 million, about 2.4 billion naira.
This is according to undisclosed sources who spoke with Reuters.
The CBN normally debits the account of banks when it imposes a fine or to implement aspects of its monetary policies such as cash reserve requirements.
The deduction comes a week after it fined the bank for helping the Nigerian arm of South Africa’s telecoms firm MTN to move funds abroad.
MTN denies any wrongdoing, while Standard Chartered said it was fully co-operating with the central bank with a view to resolving the issue as soon as possible.
Citibank said in a statement it has sent a detailed response to the central bank addressing the allegations after the U.S. bank had received a letter imposing sanctions on it.
Standard Chartered, alongside Citibank Stanbic IBTC Bank and Diamond Bank, was fined last week after the central bank said it moved a total of $8.1 billion abroad with improper certificates for the telecoms giant.
Stanbic, said in a statement on Thursday that it had been debited by the central bank for the fine.
Standard Bank said in a statement to the Johannesburg stock exchange that it would continue to engage with the CBN despite the debit.
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