The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have levied a total of N1.502 billion in fines against 10 banks for breaching foreign exchange guidelines and other regulatory infractions during the first half of 2024.
The banks facing penalties include First City Monument Bank, Access Bank, Stanbic IBTC, Zenith Bank, United Bank for Africa, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, First Bank, and VFD Bank.
The specifics of the fines are detailed in the banks’ financial statements for the period ending June 30, 2024, which have been submitted to the Nigeria Exchange.
The report reveals that Zenith Bank incurred the largest penalty, paying N427 million, followed by Access Bank at N300 million, UBA at N279 million, and Stanbic Bank at N229 million.
Other penalties include GTB at N188 million, Fidelity at N30.11 million, FCMB at N24.15 million, Sterling Bank at N9 million, First Bank at N8 million, and VFD Bank at N8.1 million.
Recently, the CBN reiterated its commitment to maintaining the stability of the nation’s financial system, emphasizing that regular stress tests are conducted to identify potential vulnerabilities in banks.
The CBN stated that these stress tests are a crucial component of its strategy to safeguard the financial system and protect depositors’ funds, enabling the apex bank to identify and mitigate emerging risks before they threaten sector stability.
