{"id":235,"date":"2026-06-07T14:05:05","date_gmt":"2026-06-07T14:05:05","guid":{"rendered":"https:\/\/kufmtv.net\/?p=235"},"modified":"2026-06-07T14:13:14","modified_gmt":"2026-06-07T14:13:14","slug":"banks-face-n100m-penalty-for-forex-violations","status":"publish","type":"post","link":"https:\/\/kufmtv.net\/index.php\/2026\/06\/07\/banks-face-n100m-penalty-for-forex-violations\/","title":{"rendered":"Banks face N100m penalty for forex violations"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

The Central Bank of Nigeria has set a N100m penalty for banks that process foreign exchange transactions without adequate documentation as part of a sweeping compliance regime unveiled in its newly released Foreign Exchange Manual.<\/p>\n\n\n\n

Under the offences and sanctions section of the fourth edition of the manual, the apex bank stated, \u201cAuthorised dealers shall pay N100m in addition to N10m per transaction\u201d for consummating foreign exchange transactions with inadequate documentation.<\/p>\n\n\n\n

The sanction forms part of a broader framework aimed at tightening oversight of Nigeria\u2019s foreign exchange market, strengthening compliance standards, and curbing abuses among authorised dealers and other market participants.<\/p>\n\n\n\n

The revised manual, issued by the CBN\u2019s Trade and Exchange Department in May 2026, is the first major update since 2017. It serves as a regulatory guide for banks, authorised buyers, exporters, investors, and members of the public participating in foreign exchange transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria has set a N100m penalty for banks that process foreign exchange transactions without adequate documentation 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News<\/a>","rttpg_excerpt":"The Central Bank of Nigeria has set a N100m penalty for banks that process foreign exchange transactions without adequate documentation […]","_links":{"self":[{"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/posts\/235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/comments?post=235"}],"version-history":[{"count":1,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/posts\/235\/revisions"}],"predecessor-version":[{"id":237,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/posts\/235\/revisions\/237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/media\/236"}],"wp:attachment":[{"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/media?parent=235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/categories?post=235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kufmtv.net\/index.php\/wp-json\/wp\/v2\/tags?post=235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}