Quote from Ndubuisi Ekekwe on March 6, 2024, 11:33 AM

Forex. Forex. Forex: how many times did I mention it for Nigerian banks? Now the Bank of Ghana, the central bank of Ghana, has opened a high-voltage searchlight on them. This is not promising!

"The Bank of Ghana has taken a decisive step against fraudulent practices in the foreign exchange market by suspending the foreign exchange trading licenses of two prominent Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank (FBN). The suspension comes amidst a wave of regulatory crackdowns across West Africa, amid efforts by regulators to enforce guidelines and transparency in the financial sector. The suspension, announced on Monday, is slated to take effect from March 18, 2024, for one month. The Bank of Ghana cited "fraudulent documentation" in the forex operations of the two banks as the primary reason for the suspension."

 

Please fix whatever needs to be fixed, and fix all processes to avoid a repeat. We want to continue to play major roles in the ECOWAS. I was recently in Ghana, and saw the logos of Nigerian banks. We must do the right things to continue to expand the mission.