Commercial banks in the country have commenced the enforcement of a directive by the Central Bank of Nigeria, CBN, to publish names of forex defaulters as part of the clampdown on unethical customers trying to get around the bank’s new forex policy.
CBN had, in a circular addressed to all banks on August 30, ordered them to publish on their websites, the names and Bank Verification Numbers, BVN, of customers who participate in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.
The circular, signed by the apex bank’s director, Banking Supervision Department, Haruna Mustafa, noted that some of the fraudulent practices include: the use of bogus visas and the cancellation of air tickets following the purchase of Personal Travel Allowance and Business Travel Allowance.
“The CBN has received and noted with concern reports of sharp practises by some unscrupulous customers to circumvent the new CBN 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.
“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,” the document read.
Earlier in September, banks sent email messages to their customers, warning them that defaulters of the new foreign exchange policy may face fines, including being prevented from accessing FX from the official FX market, bank account restrictions as established by the CBN, and criminal prosecution.
Meanwhile, one of the commercial banks, United Bank of Africa, UBA, has published the names of three customers who allegedly received foreign currency under false pretences and have not returned it.
According to UBA, one of the customers presented a fake visa to apply for PTA, while the other two cancelled their trip and failed to return the PTA availed to them despite several mails, text messages and follow up phone calls
