Ghana suspends Nigerian banks’ FX licences over alleged fraud

By Adewale Sanyaolu

The Bank of Ghana which is also its Central Bank has suspended the foreign exchange trading licenses of some Nigerian  banks, effective March 18, 2024, for a period of one month over fraudulent practices

A statement posted on the website of Bank of Ghana said the decision was in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

The apex bank said the suspension of the two banks forex licenses was 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 Bank of Ghana.

‘‘The licence 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 the foreign exchange market regulations.

“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,’’ the bank noted.