CBN directs banks to publish names, BVN of Forex Policy defaulters

The Central Bank of Nigeria (CBN) has issued a memo mandating all banks to publish the names and Bank Verification Number (BVN) of defaulters of its forex policy.

Ripples Nigeria gathered that the defaulters were using fake visas and canceling air tickets after purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

The CBN in a memo to the banks signed on Tuesday by Director, Banking Supervision Department, Haruna Mustafa, explained that this practice will affect the integrity and stability of the forex market.

Mustafa said, “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.

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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.

The CBN, therefore, directed all banks to publish on their website, the names, and BVN of defaulters.

“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.”

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