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    CBN DIRECT ALL COMMERCIAL BANKS TO PUBLISH THE NAMES AND BANK VERIFICATION NUMBERS OF FOREX DEFAULTE

    Abstract:The Central Bank of Nigeria has directed all commercial banks to publish the names and Bank Verification Numbers (BVN) of customers who used fraudulent practices which includes the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance, to obtain foreign exchange on their website.
    CBN

      The Central Bank of Nigeria has directed all commercial banks to publish the names and Bank Verification Numbers (BVN) of customers who used fraudulent practices which includes the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance, to obtain foreign exchange on their website.

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      The CBN made this statement while addressing all Nigerian Commercial Banks with memo titled Publication of names of Defaulters of a CBN policy on sale of Forex for Personal Travel Allowance ( PTA) and Business Travel Allowance (BTA), which was signed by the CBN Director.

      The CBN Director gave this directive after receiving a complaint and reports of intelligent 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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      Which he further describes this immoral practice includes the fake Visa and cancelation of Flight tickets after purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Based on the rule set by the bank which customers needs to access FX is that, FX shall be sold for Legitimate Travel Purpose Only. Therefore Bank customers are required to provide a valid Nigerian passport and a valid visa to an international destination.

      CBN said it would continue to channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands. Therefore the CBN further directed banks to set up teller points to meet legitimate foreign exchange (FX) demands. Although Multiple banks have complied with the directive by writing to their customers but yet some customers continue to fraudulent means to acquire forex at the banks.

      Therefore any bank customers who present fake travel documents for forex requests are at risk of criminal prosecution by the CBN.

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