Jonathan Nwokpor
First Bank of Nigeria’s (FBN) foreign exchange (FX) trading licenses have been suspended by the Bank of Ghana due to suspected fraudulent documentation during operations.
The Ghanaian apex bank announced in a statement on Monday that the suspension would be in place starting on March 18, 2024, and would last for one month.
The suspension takes place in the midst of the Federal Government’s efforts to restore stability and the high levels of volatility in Nigeria’s foreign exchange market.
Part of the announcement said, “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 FX market players were urged by the financial authority to follow the relevant rules and regulations.
ZINGTIE recalls that on March 1, 2024, 4,173 Bureau de Change (BDC) operators had their licenses terminated by the Central Bank of Nigeria (CBN) for violating regulations.
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