The Central Bank of Nigeria has set a N100m penalty for banks that process foreign exchange transactions without adequate documentation as part of a sweeping compliance regime unveiled in its newly released Foreign Exchange Manual.

Under the offences and sanctions section of the fourth edition of the manual, the apex bank stated, “Authorised dealers shall pay N100m in addition to N10m per transaction” for consummating foreign exchange transactions with inadequate documentation.

The sanction forms part of a broader framework aimed at tightening oversight of Nigeria’s foreign exchange market, strengthening compliance standards, and curbing abuses among authorised dealers and other market participants.

The revised manual, issued by the CBN’s Trade and Exchange Department in May 2026, is the first major update since 2017. It serves as a regulatory guide for banks, authorised buyers, exporters, investors, and members of the public participating in foreign exchange transactions.

According to the CBN, the manual seeks to promote transparency in foreign exchange inflows and outflows, establish clear documentation and reporting requirements, strengthen enforcement mechanisms, and support national economic priorities by ensuring foreign exchange is channelled to productive uses.

Beyond the N100m sanction, the manual introduces a range of penalties for violations in the Nigerian Foreign Exchange Market.

Banks that exceed their approved Net Open Position limits face escalating punishments. A first offender will receive a warning letter, while a second offence attracts a 10-working-day suspension from the foreign exchange market. A third violation will result in a 90-day suspension from the market.

The apex bank also tightened reporting obligations for authorised dealers. Banks are required to submit daily returns on foreign exchange transactions by 10 a.m. for the preceding day and monthly returns within five working days after month-end. Failure to comply attracts sanctions.

Under the new rules, late rendition of returns will attract a penalty of N500,000, while non-rendition carries a minimum fine of N5m and an additional N500,000 for every day the violation continues.

The CBN further warned banks against reallocating foreign exchange funds without regulatory approval, stating that such actions could attract monetary fines, suspension of authorised dealership licences for at least six months, or outright licence revocation, depending on the severity of the breach.

Import-related transactions also received significant attention in the revised framework. The manual requires importers to submit Exchange Control Documents within 90 days of negotiating shipping documents with overseas correspondent banks. Importers who fail to comply will be restricted from conducting valid and non-valid foreign exchange transactions, including the processing of Form M applications.

First-time offenders will face a 90-day restriction, rising to 180 days for a second offence and 360 days for a third. A fourth violation will attract a complete ban from the foreign exchange market.

Where banks fail to report such defaults, they risk sanctions, including a warning and a N10m penalty for each affected transaction.

The manual also imposes stricter obligations on exporters. For non-oil exports, proceeds must be repatriated and credited to exporters’ domiciliary accounts within 180 days of shipment, while oil and gas export proceeds must be received within 90 days.

Exporters that fail to repatriate proceeds within the stipulated period will pay a penalty equivalent to one per cent of the naira value of the outstanding proceeds, while banks that fail to ensure compliance will be fined 0.5 per cent of the outstanding amount.

The manual further empowers the CBN to sanction banks for late approvals of export documentation, non-remittance of export supervision levies, and failure to render returns on export proceeds.

In addition to the sanctions, the revised framework introduces several operational reforms designed to improve market efficiency.

Among the changes are an increase in allowable advance payment for imports from 15 per cent to 30 per cent, the introduction of a permissible import shortfall or excess margin of plus or minus 10 per cent of the Cost and Freight value on Form M, and the removal of processing fees for Form NXP used for exports.

The CBN also introduced provisions covering service exports, technology-related remittances, Pan-African Payment and Settlement System transactions, non-resident investment accounts, and tuition fee remittances of up to $25,000 per semester for undergraduate and postgraduate studies abroad.

The manual additionally removed the mandatory requirement for Form A in remittances funded through ordinary domiciliary accounts, although banks are still required to verify the legitimacy and purpose of such transactions.

The apex bank said the reforms were developed after extensive consultations with banks, exporters, corporates, regulators, and development partners and are intended to support a transparent, rules-based, and market-oriented foreign exchange system.

According to the CBN, the revised manual is expected to improve compliance, reduce transaction bottlenecks, deepen market confidence, attract investment inflows, and strengthen the integrity of Nigeria’s foreign exchange market.

The Governor of the CBN, Mr Olayemi Cardoso, earlier said the initiative reflected the apex bank’s commitment to strengthening macroeconomic stability and modernising Nigeria’s foreign exchange administration.

He said the revised manual became necessary following evolving global economic conditions, domestic structural adjustments, and ongoing reforms in Nigeria’s foreign exchange market.

The Deputy Governor, Corporate Services Directorate of the CBN, Dr Muhammad Abdullahi, said the revised manual formed part of broader reforms initiated under Cardoso’s leadership to restore confidence, improve transparency, deepen liquidity, and strengthen market efficiency.

He said the review was undertaken to align Nigeria’s foreign exchange framework with current market realities and international best practices.

“Our goal is to reduce transaction frictions, improve processing timelines, deepen market confidence, encourage formal market participation, and create a more seamless and efficient experience for legitimate users of Nigeria’s foreign exchange market,” he said.

The Federal Government has said it is partnering with the Food and Agriculture Organisation to strengthen Nigeria’s preparedness, detection, and response to Highly Pathogenic Avian Influenza through a $350,000 intervention that will also train 240 animal health personnel.

The government disclosed this in a statement issued on Thursday night by the livestock ministry following the inauguration of the FAO Technical Cooperation Programme Project on Strengthening HPAI Preparedness, Detection, and Response in Nigeria.

According to the statement, the initiative is designed to improve disease surveillance, laboratory diagnostic capacity, risk communication, and stakeholder coordination under the One Health framework.

The Minister of Livestock Development, Idi Maiha, was quoted as saying that the poultry industry remains vital to Nigeria’s food security and economic growth but continues to face threats from transboundary animal diseases.

“The poultry industry remains a critical component of Nigeria’s livestock sector. However, it continues to face threats from transboundary animal diseases, particularly Highly Pathogenic Avian Influenza, which has remained a recurring challenge since its first occurrence in Nigeria in 2006,” the minister said.

Maiha noted that the resurgence of the disease since 2021 has continued to affect poultry farmers across different scales of operation, with implications for food security and international trade.

“We are concerned because of the destructive effect of avian influenza in Nigeria. It is threatening livelihoods, threatening food security, and threatening international trade. We must work together to restore livelihoods, close gaps in poultry product supply, and reconnect our poultry industry to international markets,” he stated.

The minister commended the FAO for approving and funding the project, describing the intervention as timely and consistent with the Federal Government’s efforts to strengthen disease prevention and control within the livestock sector.

The statement also quoted the Permanent Secretary of the ministry, Dr Chinyere Ijeoma Akujobi, represented by the Chief Veterinary Officer of Nigeria, Dr Samuel Anzaku, as saying that Nigeria has continued to record outbreaks of HPAI annually despite progress made in disease control.

“The epidemiology of the disease has evolved, with outbreaks now affecting multiple avian species. Layer farms remain the most severely impacted segment, resulting in substantial economic losses and disruptions across poultry value chains,” she said.

The FAO representative, Dr Otto Muhinda, reaffirmed the organisation’s commitment to supporting Nigeria in combating transboundary animal diseases and building a resilient poultry industry.

“FAO is proud to partner with the Federal Ministry of Livestock Development and other stakeholders in building a more resilient poultry sector. Through this project, we aim to enhance Nigeria’s capacity for early detection, preparedness, and rapid response to Highly Pathogenic Avian Influenza, thereby protecting livelihoods, food security, and public health.

“Over the next nine months, the project will train 240 animal health personnel, contributing to a stronger frontline workforce capable of preventing and responding to disease outbreaks. It will also support the development of predictive tools to improve preparedness and reduce future risks of HPAI in Nigeria,” he said.

According to the statement, stakeholders, including representatives of the Office of the National Security Adviser, the Veterinary Council of Nigeria, the Nigerian Veterinary Medical Association, the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Environment, stressed the need for collaboration in tackling disease outbreaks.

The ministry stated that Nigeria recorded confirmed outbreaks of HPAI in Kebbi, Kano, Katsina, Plateau, and Bauchi states in 2026, underscoring the continued threat posed by the disease to the poultry industry, food security, and livelihoods.

It added that the FAO-supported intervention would be implemented in seven pilot states to strengthen disease surveillance, improve laboratory diagnostic capacity, enhance biosecurity measures, promote risk communication, and bolster rapid response mechanisms.

NNPC Foundation, the Corporate Social Responsibility arm of NNPC Ltd., has commissioned and handed over a fully installed state-of-the-art 1.5 Tesla Magnetic Resonance Imaging system to the National Orthopaedic Hospital, Dala, Kano State.

This is contained in a statement by the Chief Corporate Communications Officer of NNPC Ltd., Andy Odeh, a copy of which was made available to PUNCH Online on Friday.

The intervention, which is in furtherance of NNPC Ltd’s commitment to improving healthcare access and strengthening medical infrastructure across Nigeria, is expected to enhance the diagnosis and treatment of orthopaedic, neurological, trauma, musculoskeletal, and gynaecological conditions.

“Before the intervention, patients needing advanced MRI diagnostic services often faced challenges of travelling long distances, longer waiting times, and delays in care due to high cost and availability,” the statement partly read.

Speaking at the ceremony held on the hospital’s premises in Kano on Thursday, the Group Chief Executive Officer of NNPC Ltd., represented by the Managing Director of NNPC Foundation, Mrs Emmanuella Arukwe, said the donation is part of a wider corporate goal and focus to contribute strategically to national healthcare development.

“At NNPC Limited, we are intentional about ensuring that our social investments are impactful, sustainable, and beneficial to the communities we serve. Through the NNPC Foundation, we will continue to implement interventions that create measurable social value across Nigeria,” he said.

He described the intervention as timely and necessary, noting that it presents an opportunity to strengthen Nigeria’s healthcare system amid challenges of infrastructure deficits, equipment limitations, and increasing demand for specialised services.

Also speaking, the Executive Vice President, Business Services, NNPC Ltd., Mrs Sophia Mbakwe, represented by the Executive Director, Programme Management at the NNPC Foundation, Mrs. Rose Okonkwo, said NNPC Limited goes beyond crude oil production to impact lives positively, reaffirming the company’s commitment to improving the well-being of Nigerians as well as strengthening key national institutions.

“Today’s event is a testament to our steadfast commitment to delivering measurable impacts and scalable, sustainable interventions to communities across Nigeria, inclusively targeting underserved and vulnerable members of society.

“By this intervention, NNPC Limited aims to strengthen healthcare delivery and improve the quality of life of the people of Kano State, the North-West geopolitical zone, and, by extension, all Nigerians who depend on the National Orthopaedic Hospital, Dala for specialised medical care,” she stated.

In his remarks, Kano State Governor Abba Yusuf, who was represented by the Commissioner for Health, Abubakar Labaran Yusuf, commended NNPC Foundation for the donation, describing it as a major milestone in improving healthcare services in the region through early and accurate diagnosis and care.

The Chief Medical Director of the hospital, Dr Isa Nurudeen, expressed appreciation to NNPC Ltd. for the intervention, noting that the donation will have a transformative impact on the hospital’s operations and services.