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Regulatory Breaches: Bank of Ghana Suspends Nigerian Bank’s FX Trading License

Posted by Thandiubani on Tue 05th Mar, 2024 - tori.ng

In a statement on Monday, the Ghanaian apex bank said the suspension, which will take effect from March 18, 2024, is for one month.

The foreign exchange, FX, trading licenses of First Bank of Nigeria, FBN has been suspended in Ghana.

Bank of Ghana suspended the FBN's licence over alleged fraudulent documentation during operations.

In a statement on Monday, the Ghanaian apex bank said the suspension, which will take effect from March 18, 2024, is for one month.

The suspension comes amid high levels of volatility in Nigeria’s FX market and the 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 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 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 to the applicable regulations and guidelines.

Recall that on March 1, 2024, the Central Bank of Nigeria, CBN, revoked the licenses of 4,173 bureau de change, BDC, operators for not adhering to regulatory provisions.