Regulatory bodies have penalized ten Deposit Money Banks for breaching foreign exchange rules and other regulations, resulting in a total of N1.502 billion in fines during the first half of 2024. The Central Bank of Nigeria and the Securities and Exchange Commission are among the authorities enforcing these penalties.
Key offenders include First City Monument Bank, Access Bank, Stanbic IBTC, Zenith, United Bank for Africa, Guaranty Trust Bank, Sterling Bank, Fidelity, First Bank, and VFD Bank. Zenith Bank incurred the largest fine at N427 million, followed by Access Bank at N300 million and UBA at N279 million.
Concerns have been raised about the transparency of bank operations, prompting calls for a forensic audit of one major bank’s finances. The CBN has reaffirmed its commitment to financial stability through regular stress tests aimed at identifying risks.
Fines varied by institution, with Stanbic IBTC facing penalties for issues ranging from fund management violations to customer complaint resolution failures. Other banks, like GTB, also faced significant fines for various compliance issues.
