The Central Bank of Nigeria (CBN) has introduced a N100 million penalty for banks that process foreign exchange transactions without proper documentation, as part of its updated regulatory framework.

In the newly released Foreign Exchange Manual, the apex bank stated that authorised dealers will also pay an additional N10 million per affected transaction where documentation is found to be inadequate.

The measure is aimed at strengthening compliance in the foreign exchange market, improving oversight, and reducing abuses among authorised dealers and other participants in the system.