FOREX: Why CBN ordered banks to publish names, BVN of defaulters

images

Godwin Emefiele: CBN orders banks to publish names and BVN of defaulters

The Central Bank of Nigeria, CBN has ordered banks to publish the names and BVN of Nigerians who purchased foreign exchange and did not travel out on their website over sharp practices.

The apex bank, in a statement on Tuesday said it had received and noted with concerns 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.

According to the CBN, some of the unwholesome practices included the use of fake visas and cancellation of air tickets after purchase of PTA/BTA.

It said this trend, if not curbed, portended risk to the integrity and stability of the forex market.

Related News

Consequently, the bank said further to the various measures already put in place, all banks were hereby directed to publish on their websites the names and BVN of defaulting customers who presented fake travel documents or cancel their tickets and failed to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed by them.

The statement reads: “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.”