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CBN Imposes N100M Penalty On Inadequate Processing Of Forex Documents
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The Central Bank of Nigeria (CBN) has introduced stricter sanctions for banks that process foreign exchange transactions without proper documentation, imposing penalties that could run into hundreds of millions of naira.
Under the revised foreign exchange regulatory framework, authorised dealer banks found to have completed forex transactions with insufficient supporting documents will pay a N100 million fine. They will also incur an additional N10 million penalty for each affected transaction.
The sanctions are contained in the fourth edition of the Foreign Exchange Manual released by the apex bank. The document serves as the operational guide for participants in Nigeria’s foreign exchange market.
According to the CBN, the updated manual is designed to strengthen regulatory compliance, improve transparency and reinforce confidence in the country’s foreign exchange system.
The regulator classified the offence as the execution of foreign exchange transactions without adequate documentation. It stated that any authorised dealer found culpable would be liable to the prescribed penalties.
The revised guidelines place greater emphasis on documentation requirements for all categories of foreign exchange transactions. These include spot transactions, forward contracts, swap arrangements, imports and export-related dealings.
Banks are now required to obtain, verify and retain all relevant supporting documents before foreign currency can be released to customers. Similar requirements apply to forward and swap transactions, where evidence of the underlying trade or obligation must be available before settlement.
The manual also retains existing documentation requirements for imports. Importers are expected to provide Form M, invoices, certificates of origin, packing lists and shipping documents, among other mandatory records.
In addition, importers must submit Exchange Control Documents within 90 days after negotiating shipping documents through overseas correspondent banks.
Failure to comply with the documentation requirements attracts progressively stiffer sanctions.
A first violation will result in a 90-day suspension from foreign exchange transactions. A second offence carries a 180-day restriction, while a third attracts a one-year suspension.
The CBN warned that a fourth violation could lead to a complete prohibition from participating in foreign exchange transactions.
Banks that fail to report cases of default to the regulator will also face sanctions under the new framework.
The apex bank further tightened reporting obligations for authorised dealers. Institutions that fail to submit required daily or monthly returns will be fined N500,000 for late submission.
Where returns are not rendered at all, the offending institution will pay a minimum penalty of N5 million. An additional N500,000 daily fine will apply until the breach is corrected.
The revised manual also strengthens oversight of banks’ foreign currency exposure levels.
Financial institutions that exceed approved Net Open Position limits will receive a warning for the first offence. A second violation will attract a 10-working-day suspension from the Nigerian Foreign Exchange Market.
A third breach will result in a 90-day suspension from market activities.
The CBN also imposed sanctions on unauthorised reallocation of foreign exchange funds. Any bank found engaging in such practices will pay N10 million for each transaction involved.
Beyond the monetary penalty, affected institutions may be referred to the Bankers’ Committee ethics framework for further disciplinary action.
The central bank said the new measures form part of ongoing efforts to deepen transparency, promote market discipline and establish a more rules-based foreign exchange regime.
According to the regulator, stronger compliance standards and stricter enforcement will help improve market integrity, reduce abuses and enhance investor confidence in Nigeria’s foreign exchange market.
News
NIS deports 99 foreigners over irregular migration
The Nigeria Immigration Service repatriated 99 foreigners for irregular migration between July and August 2026, according to its latest operational report.
The report prepared for the Office of the National Security Adviser showed that 90 foreigners were repatriated in July, while nine others were repatriated in August.
The July figure comprised 33 Cameroonians, 38 nationals of Côte d’Ivoire, 15 Pakistanis, four Nigeriens, four Chadians, two Burkinabè, two Central Africans and one national of the Democratic Republic of Congo.
The report identified irregular migration as the primary reason for the repatriations.
It said, “90 foreigners were recorded as repatriated in July, while nine were recorded in August. The cases primarily involved irregular migration, with the July records including nationals of Cameroon (33), Niger (four), Pakistan (15), Côte d’Ivoire (38), Burkina Faso (two), Chad (four), Central African Republic (two) and the Democratic Republic of the Congo (one).”
The NIS also reported rescuing 23 victims of trafficking and other forms of exploitation during the period.
Seven victims were rescued in July, while 16 were rescued in August following interventions at locations including the Murtala Muhammed International Airport, Seme Border, Baji Patrol Post and other locations.
Some of the rescued victims were handed over to the National Agency for the Prohibition of Trafficking in Persons for further care and investigation.
The immigration authorities also apprehended a stowaway at the Murtala Muhammed International Airport in August.
“Seven victims were recorded as rescued in July and 16 in August. The records include interventions at MMIA, Seme Border, Baji Patrol Post, NAIA and other locations, with some victims handed over to the National Agency for the Prohibition of Trafficking in Persons.
“One stowaway was recorded as apprehended at the Murtala Muhammed International Airport in August 2026.
“Twenty-three victims were recorded as rescued across July and August. July interventions accounted for seven victims, including cases involving Thailand, Mali, Egypt and domestic locations. August interventions accounted for 16 victims, including cases intercepted at Seme Border, MMIA, NAIA and Baji Patrol Post,” it said.
In addition, four persons of interest were identified during the period, comprising three in July and one in August.
“The August case involved a potential trafficking victim who was referred to NAPTIP,” it added.
The NIS further disclosed that it had dismantled a fraudulent transnational organised crime syndicate linked to the QNET/Ignite group.
The operation, according to the report, led to the apprehension of the syndicate leaders and 11 facilitators in Lagos and Ogun states.
The service said the interventions formed part of its efforts to strengthen border security, regulate migration and combat transnational organised crime.
The report also highlighted the detection of document fraud, enforcement operations, arrests and prosecutions as part of measures taken by the service to safeguard Nigeria’s borders and prevent the exploitation of migrants.
The NIS said its operations during the period were aimed at ensuring effective migration management while contributing to national security.
News
NABTEB releases 2026 NBC/NTC results, records 81.24% pass rate
The National Business and Technical Examinations Board (NABTEB) has released results of the 2026 June/July National Business Certificate (NBC) and National Technical Certificate (NTC) examinations.
According to the board, 79,503 candidates, representing 81.24 per cent, obtained five credits and above, including English Language and Mathematics, in the Examinations.
Registrar and Chief Executive Officer of NABTEB, Dr. Aminu Mohammed, announced the results yesterday in Benin at a news conference.
It said the certified craftsmen were among 100,069 candidates that registered for the examinations in 2026, which represented an increase of 7,193 when compared to 92,876 candidates that registered in the 2025 examination cycle.
Mohammed said the increment reflected the growing interest in business and technical education.
He said 97,867 candidates sat for the examinations out of the 100,069 candidates that registered for the examination.
Mohammed said outcome of the examinations was the board’s mandate to promote practical skills. acquisition and occupational competence.
The NABTEB boss said the analysis showed that 79,503 candidates, representing 81.24 per cent, obtained five credits and above, including English Language and Mathematics, in the NBC/NTC Examinations.
He said 89,580 candidates, representing 91.53 per cent, obtained five credits and above, with or without English Language and Mathematics.
According to him, “Comparatively, this performance is significantly higher than that recorded in the May/June 2025 NBC/NTC Examinations, where 61,104 candidates, representing 68.18 per cent, obtained five credits and above including English Language and Mathematics.
“In the same 2025 examination cycle, 74,633 candidates, representing 83.28 per cent, obtained five credits and above, with or without English Language and Mathematics.
“The improvement recorded in the 2026 examination is encouraging and demonstrates the collective effort of candidates, teachers, schools, parents and the wider education system.
“These statistics provide useful indicators of performance; however, beyond the percentages lays the more important question of what these qualifications mean for the future of our young people and for Nigeria’s economic development.”
Dr. Mohammed said the NBC/NTC examinations occupied an important position within Nigeria’s technical and vocational education and training ecosystem.
News
We’re central to economic activity, workers tell FG
Despite the Federal Government’s latest Gross Domestic Product (GDP) growth figures, the organised labour said that the reported expansion had yet to translate into improved economic wellbeing for civil servants, whose purchasing power continues to weaken amid rising petrol prices and high cost of living.
National President, Association of Senior Civil Servants of Nigeria (ASCSN), Shehu Mohammed, who spoke in Lagos yesterday, on the state of the economy and workers’ welfare, during the South-West zonal workshop of the association, themed “A Shift from Confrontation to Collaboration,” said the contradiction was evident in the fact that civil servants remained central to economic activity while their earnings were being steadily eroded by inflation and rising living costs.
“We are the engine room. We lubricate the economy. Unfortunately, what we are facing today is that as we are lubricating, we are also drying up,” he said.
He said that the quality of economic growth should not be measured solely by increases in GDP, but whether such growth translates into improved disposable income and purchasing power for workers and households.
According to him, the N70,000 national minimum wage has already lost substantial purchasing power to inflation, even before its full implementation across the country.
The labour leader said this had made the next review of the national minimum wage particularly important, stressing that preparations must begin ahead of the 2027 negotiations.
He said that the organised labour would need credible economic data to support its demands at the negotiating table.
Mohammed warned that further increase of fuel price would deepen hardship..
MEANWHILE, the Federal Workers Forum (FWF) has called on the Federal Government to immediately review the salaries of federal workers, demanding a minimum wage of N300,000 and a maximum salary of N1.5 million for officers on Grade Level 17.
The forum also demanded the full implementation of the N70,000 minimum wage, payment of outstanding wage-related arrears and the introduction of additional welfare measures to cushion the impact of the rising cost of living on federal workers.
National Coordinator of the FWF, Andrew Emelieze, and General Secretary, Ogundele Ayodele, made the demands in a statement yesterday and addressed to the Senate President, Speaker of the House of Representatives, President Bola Tinubu, Chief Justice of Nigeria and Head of the Civil Service of the Federation.
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