Five Banks Fined N1.4bn For the Violations of FG Forex Guidelines

Five well known banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria.

The banks are as follows; The United Bank of Africa, Fidelity Bank, Access Bank, Guarantee Trust Bank and First City Monument Bank.

This figure was arrived at from analysis of the H1 2021 financial statements of the banks obtained from their websites.Findings show that the penalties were as a result of contraventions and infractions of guidelines instituted by the Federal Government through the Banks and Other Financial Institutions Act, relevant CBN circulars and other regulatory requirements.

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