Shares of MTN Nigeria fell by a whopping 18% as the market opened on Thursday. The company is on the hook to refund a whopping $8.1 billion to the CBN following an accusation of illegal repatriation of funds.
The share price is down 14% as at the time of filing this report.
MTN share price closed 19.41% down at the end of trading on Thursday.
The fines on MTN and the four banks could have a negative multiplier effects on the prices of other stocks.