The Ghana Central Bank has imposed a suspension on the foreign exchange (FX) trading licenses of First Bank of Nigeria (FBN) and Guarantee Trust Bank (GTB), following allegations of fraudulent documentation in its operations.
In a statement released on Monday, the Ghanaian apex bank announced that the suspension, slated to commence from March 18, 2024, will span one month.
The suspension comes amid high levels of volatility in Nigeria’s FX market and the efforts by the Federal Government to restore stability.
he statement read in part, “Bank of Ghana has suspended the Foreign Exchange Trading Licenses of 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 license 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 financial regulator called on FX market players to heed to the applicable regulations and guidelines.
