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The CBN has introduced a N100m fine on banks for processing undocumented forex transactionsBanks also face stricter penalties, including suspensions, for reporting breaches and FX limit violations.The apex bank new rules aim to boost transparency, compliance, and efficiency in Nigeria’s foreign exchange mark
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central bank of Nigeria has mandated banks to pay N100 million as penalty if foreign exchange (forex) transactions without necessary documentation are processeda.
The penalty was included in the fourth edition of the Forex Manual released by the CBN released last week and is the first major update of the framework since 2017.
CBN introduces fresh penalties to clean up forex system Photo: cenbankSource: Getty Images
Olayemi Cardoso, CBN governor stated that the review of the forex manual was necessary to align Nigeria’s forex administration with
