Banks to publish details, BVN of those circumventing new CBN policy on Forex

Nigerian banks will start publishing names and BVN of customers circumventing the new Central Bank of Nigeria policy on the sale of forex.

According to different emails and circulars sent out to customers by banks sighted by Neusroom, the banks cited cases such as the presentation of false travel documents and visas to access forex as fraudulent.

They vowed to comply with the CBN and publish the identities of defaulting customers.

Below is a sample of one of the circulars sent out to customers by banks.

“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.

“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.

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“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.”