Regulatory agencies responsible for overseeing the activities of Deposit Money Banks in Nigeria have sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences. These agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission, imposed fines totalling N1.502bn as penalties within the first six months of 2024.

These contraventions highlight the ongoing challenges faced by financial institutions in adhering to compliance standards set by regulatory authorities. The banks penalised include First City Monument Bank of Nigeria, Access Bank, Stanbic IBTC, Zenith, United Bank of Africa, Guaranty Trust Bank, Sterling Bank, Fidelity, First Bank and VFD Bank.