The Central Bank of Nigeria has introduced a N100 million penalty for banks that process foreign exchange transactions without adequate documentation, according to its newly released Foreign Exchange Manual.
Under the revised guidelines, offending banks will also pay an additional N10 million per transaction.
The updated manual, the first major review since 2017, strengthens compliance requirements across Nigeria’s forex market. It also imposes stricter sanctions for violations, including penalties for late or non-submission of returns, exceeding Net Open Position limits, and unauthorised reallocation of forex funds.
Importers who fail to submit required Exchange Control Documents within stipulated timelines risk restrictions on forex transactions, while exporters must repatriate export proceeds within specified periods or face financial penalties.
The CBN said the reforms are aimed at improving transparency, boosting market confidence, enhancing regulatory oversight and ensuring foreign exchange resources are channelled into productive sectors of the economy.
CBN Governor, Olayemi Cardoso, said the revised framework reflects the bank’s commitment to strengthening macroeconomic stability and modernising Nigeria’s foreign exchange administration.
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