Two Nigerian banks in Ghana, which are facing foreign exchange (FX) trading suspension, say they are working with the Ghana Bank to resolve the issue.
The Bank of Ghana on Monday took an action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), suspending their Foreign Exchange Trading Licences effective from March 18, for a duration of one month.
The Bank of Ghana, in a statement, says its decision was reached as a result of various breaches of the foreign exchange market regulations, including alleged fraudulent documentation in their foreign exchange operations which came to the attention of the Bank of Ghana.
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The statement further says the licences will be reinstated after the one-month suspension period, provided that effective controls are put in place to ensure strict adherence to regulations in the foreign exchange market.
Additionally, the financial regulator has urged FX market players to strictly adhere to the applicable regulations and guidelines.
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