Mary Onyia
The Central Bank of Nigeria (CBN) has fined four banks namely; GTBank, Access Bank, UBA, and Stanbic IBTC a total of N1.36billion for forex exchange violations.
The money was debited from the accounts of the four affected banks during the 2021 period with GTbank getting the Lion’s share of the fines.
GTbank was fined N690m by the financial regulator. The fine was majorly due to the transaction of betting and gaming companies.
UBA got a fine of N260m for foreign exchange documentation deficiencies due to three unnamed customer accounts.
Stanbic IBTC was penalized N230m for allegedly flouting extant FX regulation between the period of January 2013 to July 2020.
Access bank was fined N80m for the infraction and also N100m for violating CBN guidelines on FX in August last year.