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)
Insecurity: Isoko South Boss Hosts Arewa Community Leaders, Security Chiefs to Strategic Meeting
Olero Flow Station Siege: Chevron Host Communities Demand Immediate Eviction of Illegal Occupants, Urge Gov Oborevwori to Probe Peace Accord Breach
“Honorary Degree Holders Cannot Use ‘Dr.’ Title” — FG Unveils Tough New Rules for Universities
INEC Fixes June 16-25 for Party Primaries in Restored State Constituencies in Delta, Others
FG To Receives First Batch of 268 Nigerians Evacuated from South Africa Over Xenophobic Attacks
NCAA Grounds Aircraft After Unauthorized Takeoff Following Emergency Landing in Delta
Woman Steals Two Babies to Cover Loss of Twins Before Church Dedication in Delta
Panic in Edo as Okpebholo Closes Schools Following Leaked SSS Memo Warning of Planned Abduction of Children
Delta’s PETOOP Hails the Emergence of Obi, Iyovwaye as NDC’s Presidential and Governorship Candidates
I am in Govt to Serve, Not to Enrich Myself – Oborevwori Tells Catholic Priests
It’s Fake AI Video, Says DHQ on CDS Manipulated Footage Circulating on Social Media
Tinubu Congratulates Narendra Modi as India’s longest-serving Elected Prime Minister
EFCC Arraigns Blessing CEO Over ‘Fake Cancer Scandal’, Alleged N69.1m Fraud
Delta Oil Siege: Tompolo Breaks Silence on Warri Delineation Crisis, Calls for Calm, Asks INEC to Do the Right Thing
