The Central Bank of Nigeria on Wednesday fined Standard Chartered Bank N2 billion for foreign exchange infraction, according to reports from Thisday.
The CBN was said to be irked that the bank had bought $25 million at the official rate and sold it at a price above the inter-bank rate.
Recall, on Tuesday sources had informed Nairametrics that an unnamed bank had bought forex above the interbank rate and also sold above it to the surprise of other commercial banks. This perhaps prompted other banks to break ranks.
This day is also reporting that the bank’s treasurer is also said to have been suspended by the CBN.