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)
176 Kwara Abductees In Danger As Terrorists Issue Chilling ‘Marry Or Die’ Threat
Police Arrest Umuahia Barber Over Alleged Possession of Customers’ Hair, Suspected Ritual Items
BREAKING: 15 Workers Escape Death as Two-Storey Building Collapses in Sokoto
Nigeria Hands Over Chinese Wildlife Trafficking Suspect Over 12-Tonne Pangolin Scales Smuggling Case
HCSF Admits Due Diligence Failure as Reps Uncover Fake Documents Behind PFIPC Recruitment Waiver
US-based Ijaw Leader Hails A’court Affirmation of Igbadiwei-led INC, Tasks Diri, Stakeholders to Prioritize Service Above Self
Oborevwori Celebrates Orodje of Okpe Kingdom on 20th Coronation Anniversary
JUST IN: Osun SSG, Five Others Detained as Police Probe Alleged Electoral Offences
Why NAFDAC Is Still Struggling to Crackdown Banned Sachet Alcoholic Drinks Nationwide
Soldiers Dismantle Illegal Bunkering Site in Lagos, Arrest 6 Suspects [PHOTOS]
Fansan Yamma Troops Strike: Abducted Soldier And Zamfara Civilian Rescued From Terrorists’ Den
“No Red Carpet”: Tinubu Vows To ‘Wrestle’ Rivals To The Finish In 2027 Re-election Battle
FG Exceeds 2024 Borrowing Target by N4.79tn as Revenue Shortfall Deepens Fiscal Deficit
PTI Bloody Incident: Omo-Agege Accuses APC of Orchestrating Violence to Rig 2027 Polls
