The Bank of Ghana has announced the suspension of foreign exchange (FX), trading licences belonging to two Nigerian-owned banks operating in Ghana.
The affected banks, Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN), will face a one-month suspension starting from March 18, 2024.
The decision, according to the Ghanaian apex bank, was made in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723).
The suspension follows the discovery of various breaches of foreign exchange market regulations, including instances of fraudulent documentation in their FX operations.
The Bank of Ghana stated that the licences will be reinstated after the one-month suspension period, provided the banks demonstrate effective control measures to ensure strict adherence to FX market regulations.
In light of this development, the financial regulator emphasized the importance of all FX market players adhering strictly to applicable regulations and guidelines.
This announcement comes amidst heightened volatility in Nigeria’s FX market and ongoing efforts by the Nigerian government to restore stability. Additionally, on March 1, 2024, the Central Bank of Nigeria (CBN) revoked the licences of 4,173 bureau de change (BDC) operators for non-compliance with regulatory provisions.
