The Bank of Ghana says it has suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over fraudulent documentation during operations.
The Ghanaian apex bank, in a statement on Monday, said the
suspension which will take effect from March 18, 2024, is for one month.
The two financial institutions are Guaranty Trust Bank (GTB)
and First Bank of Nigeria (FBN).
The development comes amid high levels of volatility in
Nigeria’s FX market and the efforts by the federal government to restore
stability.
“Bank of Ghana has
suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana
Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a
period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange
Act 2006, (Act 723),” the statement reads.
“This is as a result of various breaches of the foreign
exchange market regulations, including fraudulent documentation in their
foreign exchange operations which have come to the attention of the Bank of
Ghana.
“The licence will be restored at the end of the one-month
suspension period once the Bank of Ghana is satisfied that they have put in
place effective controls to ensure strict adherence to regulations to the
foreign exchange market.”
The financial regulator also urged FX market players to
adhere strictly to the applicable regulations and guidelines.
Meanwhile, on March 1, 2024, the Central Bank of Nigeria
(CBN) revoked the licences of 4,173 bureau de change (BDC) operators for
failing to observe regulatory provisions.
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