CBN penalizes 10 banks over forex violations

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences.

The CBN and SEC also imposed penalties totaling N1.502 billion on the banks for breaching foreign exchange regulations within the first half of 2024.

According to Punch, the affected institutions include Zenith Bank, Access Bank, United Bank for Africa (UBA), Stanbic IBTC, Guaranty Trust Bank (GTB), Fidelity, Sterling Bank, First City Monument Bank (FCMB), First Bank, and VFD Bank.

Zenith Bank faced the highest penalty, paying N427 million for various infractions.

Access Bank followed with a N300 million fine, while UBA paid N279 million. Stanbic IBTC incurred a fine of N229 million, and GTB paid N188 million.

Other penalties included N30.11 million for Fidelity, N24.15 million for FCMB, N9 million for Sterling Bank, N8 million for First Bank, and N8.1 million for VFD Bank.

These fines are part of ongoing regulatory efforts to enforce compliance and ensure stability within the country’s financial system.