Glamtush reports that the Bank of Ghana has suspended the foreign exchange trading licences of two Nigerian-owned banks operating in the neighbouring West African nation, Guaranty Trust Bank and First Bank, over “fraudulent documentation” in their forex operations.
This online news platform gathered that in a statement on Monday, the Ghanaian regulator said the suspension will become effective from March 18, for one month.
“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 one (1) month, following section 11 (2) of the Foreign Exchange Act 2006, (Act 723),” the statement partly read.
“This is 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 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 the foreign exchange market regulations.”
The regulator cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
Meanwhile, recall that last Friday, the Central Bank of Nigeria (CBN) revoked the licences of 4,173 Bureaux De Change Operators, accusing the affected institutions of failing to observe regulatory provisions.
The move is expected to curb arbitrage, racketeering and profiteering as the naira suffers an all-time low against the dollar, from about $/700 last May to over $/1500 at the moment.
A rights activist has disclosed why Bobrisky was kept outside prison walls. Glamtush…
FG has declared October 1 as a public holiday to mark the 64th Independence anniversary.…
Argentina’s World Cup-winning goalkeeper Emiliano Martinez has been banned for two matches by FIFA for…
Reps have invited the EFCC chairman, VeryDarkMan, and Bobrisky over an alleged bribery. Glamtush reports that…
Top summary from Nigerian Newspapers for Saturday, September 28, 2024, can be accessed on this…
Telemundo’s Queen Of The South 3 teasers October 2024 have been highlighted for our wonderful…