Nigerian banks have been directed by the Central Bank of Nigeria (CBN) to publish names and Bank Verification Numbers (BVNs) of defaulters of its (CBN’s) forex policy on their websites.
A memo issued by the apex regulator on Tuesday, listed the defaulters of its policy as those using fake visas and canceling air tickets after purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
According to the memo signed by Director, Banking Supervision Department, Haruna Mustafa, the CBN expressed concern that this practice will affect the integrity and stability of the forex market.
“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,” the statement read in part.
“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.”