Standard Chartered Bank was fined a whopping N2 billion by the CBN on Wednesday after the Apex Bank accused it of market infractions. The CBN accused Stan Chart of buying 25 million dollars at the interbank rate and selling it “way above the interbank rate” (whatever that means).
Stan Chart has now responded official to this accusations. Here is an excerpt of their press release.
“In all countries, where Standard Chartered operates, the bank remains committed to complying with all local laws and regulations.
“In this matter, the bank continues to engage with the Central Bank of Nigeria officials in an effort to reach a resolution.
“As is the case with all our FX transactions, we believe this transaction is compliant with the applicable FX regulations and policies. We continue to engage with the Central Bank of Nigeria officials on this matter in an effort to reach an amicable resolution.”
Reports reaching Nairametrics suggest that the bank could make further publication today which might include putting out a notice that “they are not the only bank who have done same”. According to sources, most commercial banks have bought forex at the official interbank rate and sold “above the official rates” with our without the consent of the CBN Governor.
We also understand that the CEO of Stan Chart, Bola Adesola is riled by the CBN’s action and has been mandated by her bosses abroad to clear the name of the bank.
Already, foreign investors are already beginning to see actions of local regulators as perhaps targeted moves at foreign owned businesses in Nigeria and are already suspicious of double standards.
This is still a developing story.