Regulatory breaches: Financial institution of Ghana suspends Nigerian financial institution’s FX buying and selling license
The Financial institution of Ghana has suspended the overseas alternate, FX, buying and selling licenses of First Financial institution of Nigeria, FBN, over alleged fraudulent documentation throughout operations.
In an announcement on Monday, the Ghanaian apex financial institution mentioned the suspension, which can take impact from March 18, 2024, is for one month.
The suspension comes amid excessive ranges of volatility in Nigeria’s FX market and the efforts by the Federal Authorities to revive stability.
The assertion learn partly, “Financial institution of Ghana has suspended the International Alternate Buying and selling Licenses of FBNBank Ghana Restricted, FBN, efficient 18th March 2024, for a interval of 1 (1) month, in accordance with part 11 (2) of the International Alternate Act 2006, (Act 723).
“That is because of varied breaches of the overseas alternate market laws, together with fraudulent documentation of their overseas alternate operations which have come to the eye of the Financial institution of Ghana.
“The license can be restored on the finish of the one-month suspension interval as soon as the Financial institution of Ghana is glad that they’ve put in place efficient controls to make sure strict adherence to laws to the overseas alternate market.”
The monetary regulator known as on FX market gamers to heed to the relevant laws and pointers.
reporter remembers that on March 1, 2024, the Central Financial institution of Nigeria, CBN, revoked the licenses of 4,173 bureau de change, BDC, operators for not adhering to regulatory provisions.
