Deposit Money Banks (DMBs) in the country are sending warnings to their customers on the risks of engaging in fraudulent foreign exchange acts, stating that that defaulters of the monetary authorities’ new foreign exchange policy may face criminal prosecution.
The banks gave the warning in emails to their customers listed some of the penalties forex fraudsters may face as including being barred from accessing FX from the official FX market, restrictions on their bank accounts as may be determined by the CBN as well as criminal prosecution.
According to the a syndicated email by the DMBs to customers, the lenders clarified: “In line with the Central Bank of Nigeria’s policy to improve access to foreign exchange for legitimate transactions, we are committed to providing you with foreign exchange for your personal and business travel as well as payment for overseas education, medical and other eligible invisible transactions.
“As our valued customer, you have a role to play to ensure the success and integrity of the policy. To enable us to serve you better, you are reminded to note the following rules when applying for FX for Personal and Business Travel.
“FX shall be sold for legitimate travel purposes only. Always have a clear intention and legitimate purpose to travel. You are required to provide a valid Nigerian passport and a valid visa to an international destination.
“Only valid travel documents shall be accepted. Your ticket must be to an international destination outside of West Africa and Cameroon. You are required to provide an international return ticket, with a travel date not more than 14 days from the date of PTA/BTA purchase”, the email added.
