The Central Bank of Nigeria has directed all commercial
banks to publish on their websites the names and Bank Verification Numbers of
customers who engage in fraudulent and unscrupulous practices to obtain foreign
exchange from banks.
In a circular issued by the on Tuesday, the bank outlined
the fraudulent practices to include the use of fake visas and cancellation of
air tickets after purchase of Personal Travel Allowance and Business Travel
Allowance
The bank said the new directive was given to curb the
unwholesome conduct of some unscrupulous customers who are trying to circumvent
its new forex policy.
The circular which was addressed to all banks was titled, “Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” and signed by the bank’s Director, Banking Supervision Department, Haruna Mustafa.
The circular read in full, “ The CBN has received and noted
with concern reports of sharp practices by some unscrupulous customers to
circumvent the new CBN policy on the sale of forex for overseas personal and
business travel.
“Some of these unwholesome practices include the use of fake
visas and cancellation of air tickets after purchase of PTA/BTA. This trend, if
not curbed, portends risk to the integrity and stability of the forex market.
“Consequently, further to the various measures already put
in place, all banks are hereby directed to publish on their websites the names
and BVN of defaulting customers who present fake travel documents or cancel
their tickets and fail to return the purchased PTA/BTA within two (weeks) as
stipulated in the customer declaration form signed by them.”
Details later…
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