The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to publish the names of customers who breach the rules on foreign exchange (Forex) acquisition on their websites.
The apex bank gave this directive on Monday through its circular (BSD/DIR/PUB/LAB/14/059) to all banks, recalling that it 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”.
It also listed some of the unwholesome practices as including the use of fake visas and cancellation of air tickets after purchase of PTA/BTA.
In the circular signed by its Director, Banking Supervision Department, Haruna Mustafa, the apex bank CBN, stated that the ugly trend of abuses of the forex rules “if not curbed, portends risk to the integrity and stability of the forex market”.
To curb activities of the fraudulent customers, the CBN ordered all banks “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”.
It would be recalled that before the latest banking system regulatory institution, most DMBs had assured their customers of their commitment to provide customers with forex for their Personal and Business Travel as well as payment for overseas Education, Medical and other eligible invisible transactions.
Under the rules, to access forex for travel purpose, a customer must prove that his/her request is intended for Legitimate Travel Purpose Only and provide a valid Nigerian passport and a valid visa to an international destination.
According to the banks, only valid travel documents like tickets to an international destination outside of West Africa and Cameroon will be accepted and the international return ticket must have a travel date not more than 14 days from the date of PTA/BTA purchase.
