By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: CBN Slaps N1.5 Billion Fine on 10 Banks for Forex Violations
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

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

Business

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

Olaitan Sodiq
Olaitan Sodiq
Published: June 12, 2025
Last updated: June 12, 2025
2 Min Read
Share
CBN Slaps N1.5 Billion Fine on 10 Banks for Forex Violations | Daily Report Nigeria
SHARE

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.

READ ALSO: CBN Reports Surge in IMTO Remittances to $600 Million

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

“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.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:CBNForex violationTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Finest Online Gambling Establishments that Accept Bitcoin Down Payments
News
Benue Links Bus Attacked, Passengers Kidnapped In Okpokwu | Daily Report Nigeria
Benue Links Bus Attacked, Passengers Kidnapped In Okpokwu
News
War Doesn’t Solve Problems – Pope Leo Warns Amid Iran Escalation
War Doesn’t Solve Problems – Pope Leo Warns Amid Iran Escalation
News
How Goodluck Jonathan Ruined My Family, Career - Sule Lamido
Presidency Slams Lamido Over June 12 Claims, Defends Tinubu’s Pro-Democracy Role
Politics
Nigeria Claim Double Gold at African Flag Football Championship | Daily Report Nigeria
Nigeria Claim Double Gold at African Flag Football Championship
Sports

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

2023 Presidency: Youth Group Purchases N40m PDP Presidential Form For Saraki | Daily Report Nigeria
Politics

2023 Presidency: Youth Group Purchases N40m PDP Presidential Form For Saraki

June 14, 2025
Why 2023 Elections May Not Hold – Jega | Daily Report Nigeria
News

Why 2023 Elections May Not Hold – Jega

June 13, 2025
CAF Set to Rule on Controversial Libya vs Nigeria AFCON Qualifier | Daily Report Nigeria
Sports

CAF Set to Rule on Controversial Libya vs Nigeria AFCON Qualifier

June 15, 2025
Breaking: Ngozi Okonjo-Iweala Wins International Service Award | Daily Report Nigeria
News

Breaking: Ngozi Okonjo-Iweala Wins International Service Award

June 14, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?