By: Chioma Madonna Ndukwu
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have imposed penalties totaling N1.502 billion on 10 banks for violations of foreign exchange regulations in the first half of 2024.
Zenith Bank received the largest fine of N427 million, followed by Access Bank (N300 million), UBA (N279 million), Stanbic IBTC (N229 million), and GTB (N188 million). Other penalties included N30.11 million for Fidelity, N24.15 million for FCMB, N9 million for Sterling Bank, and N8 million each for First Bank and VFD Bank.
These actions reflect ongoing regulatory efforts to ensure compliance and maintain stability in Nigeria’s financial system.
