The Central Bank of Nigeria has instructed all commercial banks in the country to publish on their websites, the names and Bank Verification Numbers (BVN) of customers who participate in fraudulent and unscrupulous activities to obtain foreign exchange from banks.
The directive was given to curb the activities of those trying to circumvent the CBN new forex policy, the bank said.
The Apex Bank gave the instruction on Tuesday in circular titled “Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” and signed by the bank’s Director, Banking Supervision Department, Haruna Mustafa, The Punch reported.
The CBN listed some fraudulent activities to include use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance.
The Bank said that these activities pose risks to the integrity and stability of the forex market.
The circular read in full, “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.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.