Toba Owojaiye reporting
Abuja, Nigeria
The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited, both Nigerian-owned banks, effective from March 18, 2024, for one month.
The suspension comes as a response to numerous breaches of foreign exchange market regulations, notably fraudulent documentation within their foreign exchange operations. This decision, communicated via a statement by the Ghanaian apex bank, underscores its commitment to upholding the integrity and stability of the foreign exchange market.
Truth Live News gathered that the banks’ licenses will only be restored at the end of the one-month suspension period if the Bank of Ghana is satisfied that effective controls have been implemented to ensure strict adherence to regulations.
The suspension, in line with Section 11(2) of the Foreign Exchange Act 2006 (Act 723), demonstrates the central bank’s zero-tolerance policy towards regulatory non-compliance and serves as a direct consequence of the banks’ failure to comply with established regulations.