CBN sanctions 34 institutions for forex rule violations

The Central Bank of Nigeria has identified foreign exchange regulatory breaches by 34 institutions, according to its 2025 Annual Report and Statement of Accounts. A routine examination of these institutions, covering activities from April 1, 2024, to March 31, 2025, assessed their compliance with foreign exchange regulations.

The review monitored the use of foreign exchange for eligible transactions and tracked flows from key sources. While the report indicated that most authorized dealers adhered to existing rules, it highlighted a number of infractions for which sanctions have been recommended.

This assessment is part of the apex bank’s broader risk-based supervisory framework. This framework aims to safeguard the stability and soundness of Nigeria’s financial system through continuous monitoring of regulated institutions. The CBN also conducted other supervisory exercises, including a Risk Assets Assessment Examination of all banks in February 2025, in collaboration with the Nigeria Deposit Insurance Corporation. This examined the quality of banks' loan portfolios and the adequacy of loan loss provisions before the approval of their 2024 financial statements.