The Bank of Ghana has suspended the foreign exchange (Forex) trading licenses of 2 Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN) over alleged fraudulent documentation in their forex trading operations.
The statement issued by Ghana’s apex bank reads as follows, “Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank (GTB) Ghana Limited and FBNBank Ghana Limited, 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).
“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 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.”
