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)
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