CBN Tightens Forex Transaction Regulations
The Central Bank of Nigeria has introduced a new penalty targeting banks that fail to meet proper documentation standards in foreign exchange transactions.
The move is part of efforts to tighten oversight of forex activities in the financial sector.
Under the new rule, any bank found processing FX transactions without adequate documentation will face a fine of N100 million.
The policy is aimed at improving compliance and reducing irregularities in foreign currency dealings.
The apex bank said the measure is designed to strengthen transparency and ensure that all forex transactions follow approved guidelines.
It also seeks to curb abuses that have affected stability in the foreign exchange market.
Banks are expected to review their internal processes to avoid sanctions, as regulators intensify monitoring of forex operations across financial institutions in the country.
