CBN Slams GTBank, Access Bank, UBA, Stanbic IBTC With N1.36bn 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 N1.36 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 N690m by the financial regulator. The fine was majorly due to the transaction of betting and gaming companies.

UBA got a fine of N260m for foreign exchange documentation deficiencies due to three unnamed customer accounts.

Stanbic IBTC was penalized N230m for allegedly flouting extant FX regulation between the period of January 2013 to July 2020.

Access bank was fined N80m for the infraction and also N100m for violating CBN guidelines on FX in August last year.

This article was originally published on Nigeria News