FOREX OFFENCE: CBN Fines 3 Nigerian Banks N2 Billion Naira Each [SEE BANKS]
The supervisory team of CBN monitoring the interbank exchange market, working on a tip off allegedly traced about $150 million sold to some customers of the three commercial banks, alleged to have been sold at higher percentage than the approved interbank rate.
On closer observation, the supervisors intercepted the transaction through their monitoring system and found out that Standard Chartered Bank had already finished its transaction on that line.
An official of CBN said there would be more banks to pay such fines if the on-going investigations were concluded and they were found guilty of running fowl of the rule on the forex market.
But when contacted the officials of Standard chartered Bank refused to make any comment on the matter.
However, First Bank, which a source said was among the banks earlier mentioned as being under the apex bank’s close-watch said there was no evidence of that.
An official of the bank, Femi Adeyeye, said there was no truth in the rumour, adding: “How can we be involved in such when on three occasions that CBN had sanctioned banks for going against its rules; we have always been out of the number.
He confirmed that periodically CBN carries out a routine check on the activities of commercial bank at the interbank exchange market and other duties.
According to the CBN Inter Bank Rules and Regulations, commercial banks found guilty of violating any of the rules will after payment of stipulated fines, are also to have their treasurers suspended from participating in the market for a certain period of time.
By Emma Eke….