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)
Katsina Cracks Down on Insecurity: Radda Bans Fuel Sales in Jerry Cans, Shuts POS Centres, Restricts Motorcycles in Two LGAs
Sowore Alleges Judicial Bias After Bail Revocation in Tinubu-Related Case
THE PRESSURE TO “MAKE IT” BEFORE 30 IS DESTROYING YOUNG PEOPLE, BY FAITH OGBOTOR
How Nigerian Troops Neutralise Notorious Terror Kingpin Ibrahim Battijo, Dismantle Criminal Network in Kogi
Insecurity: Delta to Hold Security Summit on June 17
Army Rescues Late Ex-Defence Spokesman’s Wife from Bandit in Katsina
You Are Playing With Fire, ADC Warn Over Court-Ordered Deregistration
Court Orders INEC to Deregister Atiku’s Party ADC, Four Other Parties Over Poor Electoral Performance
NDDC Boss Ogbuku Installed as Daufa VI, Paramount Ruler of Ayakoro Community
2027: APC Slams Door on ‘Defeated Aspirants’, Prepares Final Candidate List for INEC
‘It’s a Bitter Pill for Peace’ – Ijaw, Urhobo Leaders Open Up on Why They Accepted Presidential Intervention Deal
“If Anyone Should Be in Jail, It’s Us Politicians” — Peter Obi Reflects on Leadership, Justice and Nigeria’s Challenges
UPDATED: Army’s Joint Security Team Arrest 46 Suspected Illegal Immigrants in Ogun
How Executive-Legislature Harmony Led to Triumphs in Delta — Oborevwori Opens Up on 3rd Anniversary
