Tobi Adebayo
The Central Bank of Nigeria (CBN) has directed commercial banks to publish the names, Bank Verification Numbers of customers who use shady methods to obtain forex.
This was contained in a circular issued by the CBN on Tuesday.
The apex bank said the fraudulent practices by “unscrupulous customers portends risk to the integrity and stability of the forex market.”
“The CBN has received and noted with concern reports of sharp practises 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.
