The Central Bank of Nigeria has uncovered foreign exchange regulatory violations by some authorised dealers following a routine examination of 34 institutions, according to its 2025 Annual Report and Statement of Accounts.

The review, which covered the period from 1 April 2024 to 31 March 2025, evaluated compliance with foreign exchange regulations, monitored the utilisation of FX for eligible transactions, and tracked FX inflows from major sources.

While the CBN said the majority of authorised dealers complied with the applicable rules, it disclosed that several infractions were identified during the exercise, with sanctions recommended for the affected institutions.

The foreign exchange review was conducted as part of the Central Bank of Nigeria’s risk-based supervisory framework aimed at preserving the stability and soundness of the country’s financial system through continuous oversight of regulated institutions.

Separately, the CBN, in collaboration with the Nigeria Deposit Insurance Corporation (NDIC), carried out a Risk Assets Assessment Examination of all banks in February 2025.

The exercise assessed the quality of banks’ loan portfolios and determined whether their provisions for loan losses were adequate before the approval of their 2024 financial statements.

The regulator further intensified its supervisory oversight between August and September 2025 by conducting joint risk-based examinations of 17 banks classified with “moderate” and “low” composite risk ratings, as well as three financial holding companies. The assessments were based on the institutions’ risk profiles as of 30 June 2025.

The report also revealed that the CBN examined three credit bureaux during the review period and conducted routine inspections of the foreign subsidiaries of some Nigerian banks in collaboration with supervisory authorities in their host countries.

As part of efforts to strengthen regulatory oversight, the apex bank also upgraded its Credit Assessment and Analysis System to an enterprise version in 2025.

The CBN also advanced the digitalisation of its supervisory processes with the launch of the Licensing and Other Requests Approval Portal on 6 October 2025. The automated platform streamlines approvals for employee clearance, as well as the appointment and promotion of senior management and board members across banks.