CBN Slaps N1.5 Billion Fine on 10 Banks for Forex Violations

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have imposed hefty fines totaling N1.502 billion on ten banks for breaching foreign exchange regulations.

This decisive action, announced on Saturday, October 19, 2024, underscores the regulatory bodies’ commitment to ensuring compliance and stability in Nigeria’s financial system.

The banks involved in this latest enforcement action include Zenith Bank, Access Bank, United Bank for Africa (UBA), Stanbic IBTC, Guaranty Trust Bank (GTB), Fidelity Bank, Sterling Bank, First City Monument Bank (FCMB), First Bank, and VFD Bank. Zenith Bank faced the steepest penalty, incurring a fine of N427 million, while Access Bank and UBA were fined N300 million and N279 million, respectively.

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“Enforcing compliance with foreign exchange guidelines is crucial for the stability of our financial sector,” a CBN spokesperson stated. “These penalties serve as a reminder of the importance of adhering to regulatory standards.”

Stanbic IBTC was fined N229 million, with GTB following closely behind at N188 million. Other penalties included N30.11 million for Fidelity, N24.15 million for FCMB, and N9 million for Sterling Bank. First Bank and VFD Bank each faced fines of N8 million and N8.1 million, respectively.