The Bank of Ghana has suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks – First Bank of Nigeria and Guaranty Trust Bank over fraudulent documentation during operations.
Ghana’s apex bank made this known in a statement, saying the prohibition of the two bank’s FX trading licences which is for one month will begin from March 18, 2024.
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),” the statement reads.
“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 two Nigerian banks faced the suspension at the time there was a degree of high levels of unpredictability in Nigeria’s FX market and as the Central Bank of Nigeria was making efforts to restore stability.