Central Bank of Nigeria, CBN, will start going after Foreign Exchange, FX defaulters as it has directed commercial banks to make public the identities of customers guilty of this charge.
The Apex Bank ordered various financial institutions to publish the names and Bank Verification Numbers, BVNs of customers who conduct FX transactions without travelling.
Putting forward a circular, CBN informed the public that, henceforth, it would no longer endure any form of unethical conduct channelled towards manipulations of the new exchange policies.
On Friday, the bank communicated this message in Abuja, boldly stating that the new policy would not be tampered with and used to carry out FX transactions illegally.
CBN sternly reiterated that it would publish names and BVNs of customers who present fraudulent travel documents or cancel their tickets without refunding the purchase.
These refunds refer to the Personal Travel Allowance, PTA and Business Travel Allowance, BTA, which reimbursement is expected within two weeks in line with the Apex Bank’s directives.
“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,” a First Bank in a statement said.