Here Are 10 Banks Penalized by CBN for Misconduct

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have penalized 10 banks for breaching foreign exchange regulations and other regulatory rules.Reports indicate that the CBN and SEC collectively imposed fines amounting to N1.502 billion on these banks for violations of foreign exchange guidelines during the first half of 2024.

The banks involved in the sanctions 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 received the largest fine, totaling N427 million for various regulatory infractions.

Access Bank was fined N300 million, while UBA faced a penalty of N279 million. Stanbic IBTC incurred a fine of N229 million, and GTB was fined N188 million.