August 29, 2018 / 5:13 PM / a year ago

Nigeria's central bank fines four banks, tells them to refund $8.1 bln MTN illegally sent from country

ABUJA, Aug 29 (Reuters) - Nigeria’s central bank has fined four Nigerian banks for their part in helping South African telecoms giant MTN Group Ltd illegally send $8.134 billion out of the country, in breach of foreign exchange regulations, it said on Wednesday.

The Central Bank of Nigeria has also ordered the banks to refund the money MTN transferred, it said on its official Twitter account.

Standard Chartered PLC was fined 2.4 billion naira ($7.86 million), Stanbic IBTC Bank PLC 1.8 billion naira, Citibank 1.2 billion naira and Diamond Bank PLC 250 million naira, the central bank said. ($1 = 305.1500 naira) (Reporting by Camillus Eboh and Chijioke Ohuocha Editing by Peter Graff)

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