Bank of Ghana Suspends Nigerian Bank’s FX Trading License Over Alleged Fraudulent Documentation
The foreign exchange (FX), trading licenses of the First Bank of Nigeria (FBN), have been suspended by the Bank of Ghana over alleged fraudulent documentation during operations.
The Ghanaian apex bank, in a statement on Monday, said the suspension, which will take effect on March 18, 2024, is for one month.
The suspension comes amid high levels of volatility in Nigeria’s FX market and efforts by the Federal Government to restore stability.
The statement read in part, “Bank of Ghana has suspended the Foreign Exchange Trading Licenses of FBNBank Ghana Limited, FBN, effective March 18, 2024, for one (1) month, in accordance with Section 11(2) of the Foreign Exchange Act 2006, (Act 723).
“This is as 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 the Bank of Ghana.
“The license 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 regulations to the foreign exchange market.”
The financial regulator called on FX market players to heed the applicable regulations and guidelines.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
