The Bank of Ghana has recently declared the suspension of foreign exchange trading licenses for two Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN), effective from March 18, 2024, lasting for one month.
This decision follows the discovery of fraudulent documentation during their operations, violating various foreign exchange market regulations.
The Ghanaian apex bank announced on Monday that licenses may be reinstated at the suspension’s end, contingent on the banks implementing effective controls to ensure strict adherence to foreign exchange market regulations.
This development coincides with heightened volatility in Nigeria’s FX market and ongoing federal government efforts to restore stability.
The financial regulator emphasizes the need for FX market players to strictly adhere to applicable regulations and guidelines. Notably, on March 1, 2024, the Central Bank of Nigeria (CBN) revoked the licenses of 4,173 Bureau de Change (BDC) operators for non-compliance with regulatory provisions.
