Banks set to publish identities of customers collecting forex without travelling

By Henry Okonkwo

The Central Bank of Nigeria has ordered banks to publish the names and BVNs of customers who collect forex without travelling.

In a circular on Friday, First bank told its customers that it will no longer tolerate unethical practices geared towards manipulating the new CBN policy to illegally acquire forex.

The statement read, “We have been directed by the Central Bank of Nigeria (CBN) 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 (PTA) and business travel allowance (BTA), 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 (BVNs) 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.

“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,” it added.

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.

“Customers involved in fraudulent practices such as presenting fake visas or cancelling airline tickets after receiving PTA/BTA and failing to return the funds received to the bank within two weeks will have their details published (name and BVN) on our website.”

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