The Bank of Ghana fined Fidelity Bank and First National Bank for violating the Ghana Interbank Forex Market Conduct rules.
The central bank fined the two banks 1000 penalty units each.
In addition to the fine, the banks’ forex licences were revoked.
According to a statement from the BoG, the licences will be revoked from June 29 to July 28, 2023.
The BoG has since warned forex market players, including banks, forex bureaus, forex brokers, and others, to strictly adhere to the applicable forex market regulations and guidelines.