ABUJA — The Central Bank of Nigeria has ordered all commercial banks to publish the names and bank verification numbers (BVN) of defaulters of forex policy.
The directive was issued on Monday in a circular, signed by Haruna B. Mustapha, its director of banking supervision.
In the circular, the apex bank described defaulters of its forex policy as customers who engage in fraudulent and unscrupulous practices to obtain forex from banks.
Unscrupulous practices like the use of fake visas and cancellation of air tickets after purchase of forex for personal travel allowance (PTA) and business travel allowance (BTA).
“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 reads.
“Some of these unwholesome practices include 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 circular read.
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