The CBN Might Fine Banks NGN450 Million For Latest TSA Infringements

TSA Infringements

As a follow up to the ban on eight, there are indications that the CBN might be fining affected banks some considerable amount as a penalty for TSA infringements.

Former Executive Director, Keystone Bank, Richard Obire told The Nation newspaper that“The CBN may want to demonstrate to the banks that it took their offences very seriously and make it painful to them.

He said the CBN “want to make the fines painful to them, as a deterrent to others. I see not less than NGN50 million fine on each of the affected banks, and that’s NGN450 million in all”,

The CBN has released any official statement on the matter except when it announced the removal of UBA PLC from the list of banks suspended from the forex market.

It would be recalled that the CBN had fined several banks huge sums of money after they failed to meet the initial deadlines.

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