As part of efforts aimed at curtailing fraud in forex transactions, the Central Bank of Nigeria (CBN) has ordered all commercial banks to publish on their websites, the names, and Bank Verification Numbers (BVN) of customers who participate in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.
In a circular to the banks obtained by The Economy online, the apex bank directed commercial banks to inform all 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.
This policy according to the CBN is a partnership with the commercial banks aimed at ensuring a transparent, efficient and stable FX Market that meets the needs of all legitimate users.