The Bank of Ghana has suspended the foreign exchange trading licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited.
News About Nigeria gathered that the suspension, set to commence on March 18, 2024, will last for one month, as announced in an official statement released by the Ghanaian apex bank on Monday.
The Bank of Ghana, in accordance with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723), announced that the suspension is to address these breaches, adding that the central bank is committed to upholding the integrity and stability of the foreign exchange market.
The statement read, “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.”
It further stated that the licences would be reinstated at the end of the one-month suspension period, provided the Bank of Ghana is satisfied that effective controls have been implemented to ensure strict adherence to foreign exchange market regulations.
The Bank of Ghana said that the suspension aligns with its zero-tolerance policy towards regulatory non-compliance.
In a related development, News About Nigeria reported that the House Committee on Financial Crimes called for the arrest of top executives of Binance Holdings Limited, the cryptocurrency exchange platform facing allegations of fraud and financial misconduct.
The committee, led by Chairman Obinna Ginger, said they were dissatisfied with the non-appearance of Binance executives and vowed to recommend their arrest.
Binance’s legal counsel, Senator Ihenyen, addressed the committee, explaining that the company’s executives were currently in custody.
He pleaded for enough time, citing the recent arrest of two top Binance executives by the Office of the National Security Adviser.
