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CBN direct banks to publish details of customers who used fake documents to obtain forex

Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who violate the rules on Forex acquisition.

The directive was contained in a circular signed by Director Banking Supervision Department of the CBN, Haruna B. Mustafa, on Monday.

According to the circular, people using fake visas and canceling air tickets after purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are complicit.

CBN said it has received several complaints of sharp practices by some unscrupulous customers who circumvent its policy on the sale of forex for overseas personal and business travel.

“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,” CBN said.

“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.”

Following the order, most banks have started writing to their customers.

DT

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