The Central Bank of Nigeria imposed total fines of ₦15.427 billion on Zenith Bank for contraventions identified during the 2024 period, making it the largest of the CBN penalties disclosed in Nigerian banks' 2024 financial statements. Of that total, ₦14.647 billion was specifically attributable to foreign exchange infractions uncovered during a CBN examination of the bank's operations.
The fines were disclosed in the lenders' audited 2024 financial statements, which show that CBN penalised six banks, including Zenith Bank, Stanbic IBTC, Fidelity Bank, GTCO and Wema Bank, for FX and other violations. Collectively, those six institutions paid ₦16.45 billion in CBN-imposed fines as at year-end 2024.
FX VIOLATIONS
The bank's ₦14.647 billion FX fine compares with amounts paid by other institutions in the same enforcement period: Stanbic IBTC Bank paid ₦579 million, while Wema Bank paid ₦2 million for violations in the same reporting window.
NIGERIA FOREIGN EXCHANGE CODE
In January 2025, CBN Governor Olayemi Cardoso warned that violations of the new Nigeria Foreign Exchange Code would attract severe sanctions.
The Nigeria Foreign Exchange Code was introduced to impose clearer obligations on authorised dealers and market participants, with the aim of deepening liquidity, reducing speculative behaviour and aligning Nigeria's FX market practices with international standards.
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