Mtns shares drop 23 after cbns 8 1bn sanction

It seems like you're referring to a recent news article about the decline in the stock price of MTN Nigeria (MTNN) after the Central Bank of Nigeria (CBN) imposed an $8.1 billion fine on the company.

To provide some context, MTN Nigeria is a leading telecommunications company in Nigeria, and it has been embroiled in a controversy surrounding the repatriation of foreign exchange earnings. The CBN accused MTN of illegally repatriating $8.1 billion in foreign exchange earnings between 2007 and 2015, and subsequently imposed a fine on the company.

The fine was a significant blow to MTN Nigeria, and it led to a decline in the company's stock price. According to reports, the company's shares dropped by 23% after the CBN imposed the fine.

It's worth noting that the fine was a major setback for MTN Nigeria, and it could have significant implications for the company's operations and financial performance. The company has since appealed the fine, and the matter is currently being litigated in court.

In the meantime, the decline in MTN Nigeria's stock price has had a ripple effect on the broader Nigerian stock market, with many other companies experiencing a decline in their stock prices as well.