The Central Bank of Nigeria (CBN) on Wednesday disclosed that it has sanctioned and imposed a total fine of ₦5.87 billion on four banks for flagrant violation of extant laws and regulations.

In a statement issued in Abuja, the apex bank said the four commercial banks were fined for breaching Nigeria’s Forex regulations on MTN’s illegal capital repatriation.

According to the statement, the banks that were sanctioned are Standard Chartered – ₦2.4 billion, Stanbic IBTC Bank – ₦1.8 billion, Citibank – ₦1.2 billion while Diamond Bank was fined ₦0.25 billion.

The apex bank also ordered 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’.