Customers of First National Bank Ghana will not be able to initiate and complete forex trading for the next 30 days, thebftonline.com has gathered.
This is due to a temporary hold on the bank’s foreign exchange license.
“This temporary hold will allow us to complete our engagement process with the Bank of Ghana (BoG) to make the necessary adjustments to our forex trading business in line with the regulator’s policies,” the bank announced in a notice to its customers.
To minimize any possible disruptions, the bank has made alternative arrangements with partner banks to initiate and complete forex trade deals for and on behalf of First National Bank Ghana and its clients, should the need arise, the notice stated.
“As we cooperate with the BoG throughout this process, be assured that your business relationship and all other banking relationship with First National Bank will not be impacted.
“Our team is working around the clock to have this resolved quickly in order to resume regular forex services to you,” it assured.
In a similar development, Fidelity Bank’s foreign exchange trading license has also been suspended. Announcing the development, the bank assured that “this does not in any way affect Fidelity Bank’s normal banking operations.”
“While we address the reporting concerns raised by our regulator, we have in the interim reached agreements with our partner banks to aid in seamless completion of foreign exchange transactions on behalf of Fidelity Bank,” it said.
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