The Central Bank of Nigeria, CBN, has imposed a fine of N5.87bn on four banks for flagrant violation of extant laws and regulation.

The apex bank announced the sanction in a statement issued in Abuja on Wednesday.

The banks that were sanctioned are Standard Chartered – N2.4 bn, Stanbic IBTC – N1.8 bn, Citibank – N1.2bn and Diamond Bank ​- N0.25bn.

CBN also asked the banks to refund the sum of $8,134,312,397.63 for what it described as flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.