CBN Orders Banks to Publish Details of Customers Seeking Forex Illegally

Central Bank of Nigeria (CBN), has directed all commercial banks to publish on their websites, names and Bank Verification Numbers (BVNs) of customers found to have engaged in fraudulent practices to get foreign exchange from banks.

The bank which gave the order in a circular issued on Tuesday 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.

The circular titled ‘Publication of names of defaulters of a CBN policy on sale of Forex for PTA/BTA,’ and addressed to banks, was signed by Haruna Mustafa, bank’s director, Banking Supervision Department.

“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,” the circular read.

“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 bank noted that publishing the names of people found to have engaged in unwholesome practices will curb conducts aimed at circumventing its forex policy.