Bank of Ghana suspends FX trading licences of GTB, FBN over ‘regulatory breaches’

“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.

“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 regulations to the
foreign exchange market.”

The financial regulator also urged FX market players to
adhere strictly to the applicable regulations and guidelines.

Meanwhile, on March 1, 2024, the Central Bank of Nigeria
(CBN) revoked the licences of 4,173 bureau de change (BDC) operators for
failing to observe regulatory provisions.