BUSINESS
‘Breaches, Fraudulent Documentation’ Linked To Why Bank Of Ghana Suspended FX Licenses Of GTB, First Bank
Bank of Ghana has announced the suspension of the foreign exchange (FX) trading licences of Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN).
The Ghanaian apex bank suspended the licenses of the two Nigerian-owned banks over fraudulent documentation during operations.
The Bank of Ghana, in a statement on Monday, said the suspension which will take effect from March 18, 2024, is for one month.
The development comes amid high levels of volatility in Nigeria’s FX market and the efforts by the federal government to restore stability.
The statement read, “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).
“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 Ghanaian apex bank further 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.
(Gatekeeper)
NARD Threatens Nationwide Strike Over Bill Seeking Six-Month Jail Term for Doctors
2027: Okowa Appoints Ifeajika, Chiazor To Lead Media Team For Delta North Senate Race
Troops Arrest Notorious Terrorism Suspect in Kaduna, Target Dogo Gide’s Hideout
Two IDPs Hospitalised as Snakebites Surge Across Benue as SEMA Raises Alarm
NDLEA Raises Alarm Over Foreign Drug Cartels, Arrests 3 South Africans
No Ceasefire With Boko Haram, DHQ Declares, Says 435 Terrorists Killed
Africa Made It Launches ‘Power, Protect And Purchase’ To Unlock $34bn From Cotton Industry
Court Rejects Torture Claims, Admits Statements of Alleged Coup Plotters
Tinubu Storms Akwa Ibom Friday For Project Commissioning, Heads To Rivers Saturday For APC Rally
Reps Dismiss Petition Seeking Review of NIPCO Gas Distribution Licences
2027: Okowa Says Delta Targets Over 2 Million Votes For Tinubu, APC
Oborevwori, Okowa, Onowakpo Canvass Support for Tinubu as Delta APC Flags Off 2027 Campaign in Oleh
Keyamo Hails Court Ruling Sacking Mark-Led ADC Leadership, Invalidating Atiku’s Candidacy
BREAKING: Court Sacks Mark-Led ADC Leadership, Nullifies Atiku’s 2027 Presidential Ticket
BREAKING: NJC Suspends 3 Judges For One Year Without Pay Over Misconduct
