The Central Bank of Nigeria has ordered commercial banks in the country to publish names and Bank Verification Numbers of customers who use fraudulent and illegal practices to obtain foreign exchange from the banks.
This was outlined in a circular issued by the apex bank on Tuesday, August 31, 2021.
The CBN highlighted fraudulent practices to include the use of fake visas, cancellation of air tickets after purchase of Personal Travel Allowance, and Business Travel Allowance.
According to the circular, the new order is aimed at curbing the conduct of unscrupulous customers who are trying to circumvent its new forex policy.
The circular titled “Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” and signed by the CBN Director, Banking Supervision Department, Haruna Mustafa reads;
“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.”
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