International
Central Bank of Ghana Halts Forex Trading Licenses For GTB And First Bank Citing Fraudulent Documentation
Eko Hot Blog reports that Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) are facing a notable development as the Central Bank of Ghana has decided to suspend their Foreign Exchange Trading Licences. This suspension, effective from March 18, 2024, is set to last for a month.
Editor’s Pick
- “Binance Traders Traceable” – Crypto Expert Alerts CBN Over Illicit $26 Billion Flow
- Lagos Government Denies Signing Contract For Green Metro Line Construction
- Buhari Sold Nigeria’s Future, Says Mutfwang
The decision is a result of both banks violating foreign exchange market regulations, involving fraudulent documentation in their foreign exchange operations.
The central bank highlighted its steadfast commitment to upholding regulatory standards and promoting a transparent, stable financial environment with this decision.
The suspension, carried out pursuant to section 11 (2) of the Foreign Exchange Act 2006 (Act 72), is a direct result of the banks’ non-compliance with established regulations.
The Central Bank has reiterated its strict approach to regulatory compliance, emphasizing that suspended licenses could potentially be reinstated after a one-month suspension, subject to the implementation of robust controls by GTB and FBNBank.
Further Reading
- Reps Urge Arrest Of Binance Executives For Alleged Financial Crimes
- Idahosa Sues INEC Over Edo APC Primary
- Grain Distribution Kickstarts Across Nigeria Federal Government
Authorities underscored that this regulatory measure acts as a strong caution for other participants in the foreign exchange market, emphasizing the importance of rigorous compliance with all relevant regulations and guidelines.
Click here to watch our video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
