Bank of Ghana suspends foreign exchange licenses of Nigerian banks GTB and FBN for one month due to regulatory breaches.

The Bank of Ghana has suspended the foreign exchange trading licenses of Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN), for one month due to regulatory breaches, including fraudulent documentation in their foreign exchange operations. The suspension will take effect from March 18, 2024. The Bank of Ghana aims to restore the licenses at the end of the one-month period if it is satisfied that the banks have put in place effective controls to adhere to regulations.

March 04, 2024
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