CBN Discovers Forex Violations in 34 Institutions

The Central Bank of Nigeria (CBN) uncovered violations of foreign exchange regulations by 34 institutions following a routine examination detailed in its 2025 Annual Report and Statement of Accounts. The review, which assessed compliance from April 1, 2024, to March 31, 2025, found that while most authorized dealers adhered to the rules, several infractions were noted, leading to recommended sanctions.

This assessment is part of the CBN's risk-based supervisory framework aimed at maintaining the stability of Nigeria's financial system. Additionally, in February 2025, the CBN, in collaboration with the Nigeria Deposit Insurance Corporation, conducted a Risk Assets Assessment Examination of all banks to evaluate loan portfolio quality and adequacy of provisions for loan losses.

The CBN also expanded its supervisory activities in August and September 2025, examining 17 banks and three financial holding companies. To enhance oversight, the CBN upgraded its Credit Assessment and Analysis System and launched the Licensing and Other Requests Approval Portal on October 6, 2025, improving operational efficiency and governance.