CBN AND SEC IMPOSE N1.5BN FINES ON 10 NIGERIAN BANKS FOR FOREX VIOLATIONS
In the first half of 2024, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) sanctioned 10 major banks for violations related to foreign exchange guidelines and other regulatory infractions. These penalties, which totaled N1.502 billion, were part of ongoing efforts to enforce compliance with financial regulations in Nigeria’s banking sector.
The fined banks include:
Zenith Bank: Paid the highest fine of N427 million for infractions related to customer complaints, anti-money laundering issues, and cybersecurity breaches.
Access Bank: Fined N300 million, primarily for mismanagement of funds received from a government agency.
United Bank of Africa (UBA): Paid N279 million for delays in submitting a cybersecurity report and other foreign exchange policy violations.
Stanbic IBTC: Fined N229 million for infractions ranging from fund management violations to non-compliance with CBN directives.
Other banks, such as GTB, First City Monument Bank, Sterling Bank, Fidelity, First Bank, and VFD Bank, faced fines ranging from N8 million to N188 million for various breaches of foreign exchange and banking guidelines.
The fines reflect broader concerns over the adherence of banks to regulatory frameworks, with civil society groups also calling for greater transparency
In the first half of 2024, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) sanctioned 10 major banks for violations related to foreign exchange guidelines and other regulatory infractions. These penalties, which totaled N1.502 billion, were part of ongoing efforts to enforce compliance with financial regulations in Nigeria’s banking sector.
The fined banks include:
Zenith Bank: Paid the highest fine of N427 million for infractions related to customer complaints, anti-money laundering issues, and cybersecurity breaches.
Access Bank: Fined N300 million, primarily for mismanagement of funds received from a government agency.
United Bank of Africa (UBA): Paid N279 million for delays in submitting a cybersecurity report and other foreign exchange policy violations.
Stanbic IBTC: Fined N229 million for infractions ranging from fund management violations to non-compliance with CBN directives.
Other banks, such as GTB, First City Monument Bank, Sterling Bank, Fidelity, First Bank, and VFD Bank, faced fines ranging from N8 million to N188 million for various breaches of foreign exchange and banking guidelines.
The fines reflect broader concerns over the adherence of banks to regulatory frameworks, with civil society groups also calling for greater transparency