BoG cracks down: GT Bank and FBN Bank forex licences suspended over breaches

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Pulse-gh March 5, 2024 10:12 a.m.

BoG cracks down: GT Bank and FBN Bank forex licences suspended over breaches

This decision, in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723), comes as a result of various breaches of foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.

In a statement issued by the Central Bank, it was emphasized that the suspension is temporary and the licences will be restored at the end of the one-month period, provided that the banks demonstrate effective controls to ensure strict adherence to foreign exchange market regulations..

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