The Bank of Ghana has suspended the foreign exchange trading licences of two Nigerian banks operating in the country — Guaranty Trust Bank and First Bank — over “fraudulent documentation” in their forex operations.

In a statement on Monday, the Ghanaian regulator said the suspension will become effective from March 18, 2024, for one month.

The statement states inter alia: “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

“This is 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 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 the foreign exchange market regulations,” the statement said.

The Bank cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.

Ghana, just like Nigeria, has faced inflation and forex squeeze in recent months.