Central Bank of Nigeria (CBN) has said that any authorised dealer bank the processes foreign exchange (forex) transactions without proper documentation will be fined N100 million.

In addition, the bank will pay N10 million for each transaction involved.

The sanctions are contained in the fourth edition of the Foreign Exchange Manual, which serves as a guide for participants in Nigeria’s forex market.

According to the CBN, the updated manual aims to improve compliance, increase transparency, and strengthen confidence in the foreign exchange system.

Banks are now required to obtain, verify, and keep all necessary documents before releasing foreign currency to customers.

Similar documentation requirements apply to forward and swap transactions, where proof of the underlying trade or obligation must be provided before settlement.

For import transactions, importers must continue to provide documents such as Form M, invoices, certificates of origin, packing lists, and shipping documents.

They must also submit Exchange Control Documents within 90 days after negotiating shipping documents through overseas correspondent banks.

The CBN warned that failure to meet documentation requirements will attract escalating sanctions.

A first violation will result in a 90-day suspension from forex transactions, a second violation will attract a 180-day suspension, and a third offence will lead to a one-year suspension.

A fourth violation could result in a complete ban from participating in forex transactions.

Banks that fail to report cases of default to the CBN will also face sanctions.

The apex bank further tightened reporting requirements. Institutions that submit required daily or monthly returns late will be fined N500,000, while those that fail to submit returns at all will pay a minimum of N5 million, plus an additional N500,000 daily until compliance is achieved.Afternoon Paper Subscription

The revised manual also strengthens oversight of banks’ foreign currency exposure.

Financial institutions that exceed approved Net Open Position limits will receive a warning for the first offence, a 10-working-day suspension from the Nigerian Foreign Exchange Market for the second offence, and a 90-day suspension for the third violation.

The CBN also imposed sanctions on unauthorised reallocation of foreign exchange funds. Any bank found engaging in such practices will be fined N10 million per transaction and may face additional disciplinary action under the Bankers’ Committee ethics framework.

According to the CBN, the new measures are aimed at promoting transparency, strengthening market discipline, reducing abuses, and improving investor confidence in Nigeria’s foreign exchange market.

The Bank of Industry (BOI) has been recognised with two prestigious awards at the recently concluded EMEA Finance Achievement Awards, reinforcing its position as a leading development finance institution driving inclusive and sustainable economic growth across Africa.

The Bank received the Best Sustainability Deal in Africa Award for its financing intervention under the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) Project and the Best Social Development Deal in Africa Award for its flagship Guaranteed Loans for Women (GLOW) programme.

The award-winning DARES initiative is being implemented by BOI in collaboration with the Rural Electrification Agency (REA) and supported by the World Bank through a $750 million International Development Association (IDA) credit facility. The programme is designed to expand electricity access across underserved and unserved communities through the deployment of solar mini-grids.

The initiative forms part of BOI’s broader Power and Utilities portfolio, through which the Bank disbursed ₦27 billion to eight businesses in 2025. According to BOI’s 2025 Annual Development Impact Report, all supported projects demonstrated 100 per cent financial additionality, indicating that they would not have proceeded without BOI’s intervention.

The Bank’s Power and Utilities portfolio also recorded the highest Development Impact Framework score across all sectors financed by BOI, underscoring the transformational impact of its investments in sustainable energy infrastructure.

Similarly, the GLOW programme was recognised for advancing financial inclusion and economic empowerment for women-owned and women-led businesses across Nigeria.

Designed to address longstanding barriers faced by female entrepreneurs, including limited access to affordable finance, collateral constraints, and capacity gaps, GLOW provides tailored financing, business support services, and capacity-building opportunities to women-led enterprises across multiple sectors of the economy.

Beyond financing, GLOW provides training, mentorship, market access support, and opportunities for women-owned businesses to strengthen their competitiveness and expand into regional and international markets, including opportunities presented by the African Continental Free Trade Area (AfCFTA).

Speaking on the awards, Dr. Olasupo Olusi, MD/CEO BOI, described the recognition as an affirmation of BOI’s commitment to financing initiatives that create lasting developmental impact.

“These awards reflect the Bank of Industry’s deliberate focus on supporting projects and programmes that deliver measurable economic, social, and environmental outcomes for Nigerians. Whether it is bringing reliable electricity to underserved communities through renewable energy solutions or empowering women entrepreneurs by providing access to affordable finance and growth opportunities, our goal remains the same: to build a more inclusive, resilient, and sustainable economy. We are honoured by this international recognition and remain committed to deepening our impact across sectors that matter most to national development.”

The dual recognition further underscores BOI’s growing reputation as a catalyst for sustainable development and inclusive industrialisation, leveraging innovative financing solutions to address critical development challenges while unlocking opportunities for businesses and communities across Nigeria.

As Nigeria’s foremost development finance institution, BOI continues to play a pivotal role in advancing the Federal Government’s economic transformation agenda through strategic investments that stimulate enterprise growth, create jobs, improve livelihoods, and strengthen the country’s long-term economic competitiveness.

The International Finance Corporation, Nigerian Exchange Group, and the Lagos Chamber of Commerce and Industry have unveiled the Nigeria Gender Country Programme at a high-level virtual CEO Roundtable convened to advance private sector action on gender equality and inclusive economic growth.

The session brought together chief executives and senior business leaders from NGX-listed companies, IFC client organisations, and LCCI member companies to introduce the programme’s strategic framework, align stakeholders around a shared agenda, and mobilise support ahead of its formal launch.

The NGCP builds on the momentum of Nigeria2Equal and other initiatives that have advanced workplace inclusion, women’s leadership, entrepreneurship, and sustainable finance across Nigeria’s private sector. Designed as a more integrated and collaborative platform, the programme seeks to scale impact through coordinated action among development institutions, business leaders, regulators, and the organised private sector.

Anchored on three strategic priorities, the programme aims to increase women’s representation in leadership, improve access to quality employment, and expand access to productive assets, including finance, technology, and markets, for women and women-led businesses.

Delivering the keynote address, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, underscored the private sector’s critical role in accelerating gender-inclusive growth.

“Gender inclusion is fundamentally an economic growth imperative. Closing gender gaps can unlock billions of dollars in value for Nigeria while strengthening business performance and national competitiveness. We must therefore move beyond viewing inclusion as a corporate social responsibility initiative or compliance exercise and instead recognise it as a strategic driver of productivity, innovation, and sustainable economic growth,” he said.

Commenting on the initiative, Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, described the NGCP as a strategic platform for scaling women’s economic participation through stronger collaboration among the private sector, development institutions, and market stakeholders.

“The Nigeria Gender Country Programme presents a significant opportunity to deepen impact and accelerate progress across corporate Nigeria. By expanding women’s access to leadership opportunities, quality employment, finance, technology, and markets, we can unlock substantial economic value while building a more competitive, inclusive, and resilient private sector.

“At NGX Group, we believe the capital market has a critical role to play in advancing these outcomes through stronger governance, transparency, and stakeholder engagement,” he said.

Also speaking at the session, IFC Head of Office in Lagos, Christian Mulamula, highlighted the strong business case for gender inclusion.

“Closing the gender gap is one of the most significant opportunities to strengthen competitiveness and productivity. Across Africa, gender inequality is estimated to cost up to $2.5tn.

“Through the Nigeria Gender Country Program, IFC is working with the private sector to expand women’s leadership, improve access to better jobs, and increase opportunities for women-led businesses. Building on Nigeria2Equal, this initiative focuses on practical, measurable solutions that help businesses grow while advancing inclusive growth,” he said.

In her remarks, Director-General of LCCI, Chinyere Almona, noted that the programme’s success would depend on leadership accountability and sustained commitment from business leaders, particularly in embedding gender inclusion into organisational strategy and execution.

The partners are expected to formally launch the Nigeria Gender Country Programme at a physical event scheduled for 9 July 2026, where stakeholders will further advance implementation of the programme’s strategic priorities.