admin 
The Bank of Ghana (BoG) has suspended the foreign exchange (FX) trading licenses of two Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN), for a period of one month, effective March 18, 2024.
The suspension comes amid ongoing volatility in Nigeria’s FX market and efforts by the Nigerian government to stabilize the situation.
According to a statement released by the BoG, the action was taken due to “various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.” The statement further clarifies that the licenses will be reinstated after one month “once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to regulations.”
This development follows the recent revocation of licenses for over 4,000 Bureau de Change (BDC) operators in Nigeria by the Central Bank of Nigeria (CBN) on March 1, 2024, for failing to comply with regulatory guidelines.
The BoG has urged all participants in Ghana’s FX market to strictly adhere to the established regulations and guidelines.
