FNB Ghana responds to BOG forex ban with temporary arrangements for clients.

Following the Bank of Ghana’s one-month forex ban, First National Bank Ghana has announced temporary arrangements to serve its clients who require foreign exchange transactions.

In an official statement, Head of Marketing and Corporate Affairs Delali Dzidzienyo confirmed that the bank has temporarily halted the processing of new or pending foreign exchange transactions but has planned with partner banks to initiate and complete foreign exchange deals on behalf of its clients.

“To minimise any possible disruptions, we have made temporary arrangements with partner banks to initiate and complete foreign exchange deals for and on behalf of First National Bank Ghana and its clients, should the need arise”, the bank said.

The Bank of Ghana recently fined First National Bank and Fidelity Bank for breaching sections of the Ghana Interbank Forex Market Conduct rules, suspending their forex licenses for one month, effective June 29, 2023.

As a result of the ban, Fidelity and FNB cannot engage in forex transactions for the duration of the suspension.

In response to the ban, FNB has emphasised its commitment to the highest operational and regulatory standards in every aspect of its business. Despite the temporary disruption, the bank is dedicated to serving its clients with reliable and secure forex transactions.