32.2 C
Lagos
Saturday, November 27, 2021

CBN uncovers forex malpractices by some endusers, asks banks to publish names of fraudulent customers

- Advertisement -spot_imgspot_img

…How some people use fake visa, cancel flight after buying forex

…CBN wants banks to list names, BVN of unscrupulous customers

By Oludare Mayowa

The Central Bank of Nigeria (CBN) Tuesday directed banks 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.

In a circular issued and signed by its Director of Banking Supervision, Haruna Mustafa, the regulatory bank noted 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.

Mustafa wrote in the circular that the trend if not curbed, presented risk to the integrity and stability of the forex market.

The CBN therefore, directed banks to publish 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.

READ ALSO: Share of MTN Ghana unit gains 94%, pushes local bourse ahead Africa’s index chat

“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.”

The regulatory bank had last month suspended dollar sales to Bureau de Change operators and directed banks to open forex desk in their branches to provide retail dollar sales for medical, school fees and travel allowance.

The bank had accused BDCs of encouraging money laundering and forex arbtraging in the country.

- Advertisement -spot_imgspot_img
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img