Commercial Banks get directives to expose forex defaulters on their website
The Central Bank of Nigeria has directed all commercial banks to publish the names and Bank Verification Numbers (BVN) of customers who used fraudulent practices to obtain foreign exchange on their website.
CBN in a circular addressed to all banks titled, “Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” and signed by the Director Banking Supervision Department Haruna B. Mustafa noted that the fraudulent practices include the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance.
The circular stated that: “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.
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“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.” the circular read.