The Central Bank of Nigeria (CBN) has directed all commercial banks to publish names and Bank Verification Numbers (BVN) of customers unscrupulous customers who indulge in sharp practices to circumvent the apex bank’s new foreign exchange policy on their websites.
This was contained in a circular signed by CBN’s Director of Banking Supervision, Haruna Mustapha, to all Deposit Money Banks (DMBs) on Tuesday.
According to the apex bank, the fraudulent practices include the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance.
The circular reads: “The CBN 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.
“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.”