CBN goes tough on defaulters of forex policy

The Central Bank of Nigeria (CBN) has adopted stringent measures against defaulters of the new forex policy.

The apex Bank has directed all banks in the country to publish the names and Bank Verification Number (BVN) of defaulters of the new forex policy.

In a statement by CBN, signed by the Director, Banking Supervision Department, Haruna Mustafa, the apex bank stated thus

“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.”

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