Business
BREAKING: Bank Of Ghana Suspends Forex Licences of GT Bank, FBN Bank
The Bank of Ghana (BoG) has taken the decision to suspend the forex licences of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited, two Nigerian affiliated banks as announced in an official statement.
The Central Bank has stated that the suspension is a result of various breaches of the foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations, which have been brought to their attention.
According to a statement released by the Bank of Ghana on Monday 4th March, the one-month suspension will be effective from 18 March. The suspension, in accordance with section 11(2) of the Foreign Exchange Act 2006, (Act 723), aims to enforce stricter adherence to the regulations governing the foreign exchange market.
The Bank of Ghana has made it clear that the licences of both Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) will be restored at the end of the one-month suspension period on the condition that they have implemented effective controls to ensure strict compliance with the foreign exchange market regulations.
Foreign exchange market regulations play a critical role in maintaining the stability and integrity of the financial system.
The Bank of Ghana is responsible for overseeing and enforcing compliance with these regulations to protect the interests of the public and the integrity of the financial sector as a whole.
The suspension of these two banks’ forex licences serves as a stern warning to the industry and emphasizes the importance of adhering to the regulations set forth by the Bank of Ghana.
The central bank’s action shows its commitment to maintaining transparency, accountability, and fairness in the forex market.
The affected banks will be closely monitored during the suspension period to ensure that they make the necessary changes to rectify the breaches that led to the suspension.
The restoration of their licences will be contingent on their ability to demonstrate compliance with the foreign exchange market regulations.
The Bank of Ghana remains committed to promoting a conducive environment for transparent and efficient forex operations, and will continue to take appropriate action against any institution found to be in violation of the regulations.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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