The Central Bank of Nigeria on Tuesday 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.
This was contained in a circular issued by the central bank, in which it identified such fraudulent practices to include the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance
CBN said the new directive had become necessary to curb the unwholesome conduct of some unscrupulous customers who are trying to circumvent its new forex policy.
“Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” the circular said.
It was signed by the bank’s Director, Banking Supervision Department, Haruna Mustafa.
Below is the full circular:
“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.”
