CBN Slams GTBank, Access Bank, UBA, Stanbic IBTC With ₦1.36bn Over Forex Violations

The Central Bank of Nigeria (CBN) has fined GTBank, Access Bank, UBA, and Stanbic IBTC for forex exchange violations.

Naija News understands that the total sum of ₦1.36 billion was debited from the accounts of the four banks during the 2021 period with GTbank getting the king share of the fines.

This is coming at a time banks have limited monthly international web dollar spend of customers to $20, starting from March 2022.

GTbank was fined ₦690m by the financial regulator. The fine was majorly due to the transaction of betting and gaming companies.

UBA got a fine of ₦260m for foreign exchange documentation deficiencies due to three unnamed customer accounts.

Stanbic IBTC was penalized ₦230m for allegedly flouting extant FX regulation between the period of January 2013 to July 2020.

Access bank was fined ₦80m for the infraction and also ₦100m for violating CBN guidelines on FX in August last year.