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Akinwande Soji-Ojo
The Bank of Ghana has disclosed that it has suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over fraudulent documentation during operations.
The Ghanaian apex bank, in a statement, said the suspension which will take effect from Monday, March 18, 2024 will be for one month.
The two financial institutions are Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN).
“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 statement read.
The financial regulator also urged FX market players to adhere strictly to the applicable regulations and guidelines.