CBN Directs Banks to Publish Details of Defaulters of the CBN Policy on Sale of Forex

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Friday, September 03, 2021 / 01:10 PM / by CBN / Header Image Credit: CBN


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.


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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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Related News - CBN Circulars On FX

  1. CBN to Refund Minimum Capital Deposits and Licensing Fees to BDC Promoters
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  4. CBN Communique No. 137 of the MPC Meeting - July 26-27, 2021 - Jul 27, 2021
  5. July 2021 MPC Meeting: CBN Holds All Policy Parameters, Stops Sales of FX to BDCs - Jul 27, 2021
  6. CBN Suspends FX Sales to BDCs Until Further Notice  - Mar 26, 2020
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