CBN Directs Banks to Publish Names of FX Policy Defaulters

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By James Emejo

The Central Bank of Nigeria (CBN) Tuesday directed all Deposit Money Banks (DMBs) to henceforth publish on their websites, the names and BVN of unscrupulous customers who indulge in sharp practices to circumvent the apex bank’s new foreign exchange policy.

The CBN further expressed concern that some customers have taken undue advantage of the policy on sale of forex for overseas personal and business travel – using fake visas as well as cancelling air tickets after purchase of PTA/BTA.

The apex bank, in a circular to all banks dated August 30 and signed by the CBN Director, Banking Supervision Department, Mr. Haruna Mustafa, stated that the trend if not curbed, presented risk to the integrity and stability of the forex market.

The CBN therefore, directed banks to publish on 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.

Details later…

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