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Banks alert customers to the Forex ban: Defaulters’ names will be published

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The Central Bank of Nigeria will publish the names of defaulters who circumvent its Foreign Exchange policy, banks have informed their customers.
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The PUNCH had reported that CBN recently directed all commercial banks to publish the names and BVNs of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks on their websites.

The CBN had 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.”

Both First Bank and United Bank for Africa have alerted their customers of the implementation of the CBN policy.

First Bank in an electronic mail to its customers said, “We have been directed by the Central Bank of Nigeria to inform all our customers that unethical practices to circumvent the new CBN policy on the sale of forex, such as the presentation of false travel documents, visas, and the cancellation of flight tickets after purchasing personal travel allowance and business travel allowance, will no longer be tolerated.

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“Defaulting customers who present fraudulent travel credentials or cancel their tickets and fail to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, will have their identities and bank verification numbers published.

“We aim to implement this policy immediately as an organisation that is fully compliant with the Central Bank of Nigeria’s rules and regulations.

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“Our bank is committed to partnering with the CBN to ensure a transparent, efficient and stable FX Market that meets the needs of all legitimate users

Also, UBA encouraged its customers to adhere to all CBN guidelines as directed.

An e-mail sent by the bank read, “In line with our promise to keep you up to date on policies that may affect you, please note that the CBN has directed all banks to publish a list of PTA/BTA defaulters on their website.

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Those customers who commit fraudulent acts such as presenting fake visas or canceling airline tickets after receiving payment will be published (name and BVN) on our website after failing to return the funds within two weeks.”

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