Regulatory Alerts2021-09-01 | BSD/DIR/PUB/LAB/14/059Publication of Names of Defaulters of the CBN Policy on Sale of FOREX for PTA/BTA
The Central Bank of Nigeria's Banking Supervision Department has issued a letter to all banks, directing them to publish the names and BVNs of customers who engage in sharp practices, such as using fake visas or canceling air tickets without returning purchased PTA/BTA within the stipulated time frame. This measure aims to curb the risk these practices pose to the integrity and stability of the forex market. The letter emphasizes the importance of upholding the CBN's policy on the sale of forex for overseas travel and instructs banks to take appropriate action to ensure compliance.
CENTRAL BANK OF NIGERIA Banking Supervision Department Central Business District P.M.B. 0187 Garki, Abuja.
Tel: ...09-46236403 30th August, 2021 BSD/DIR/PUB/LAB/14/059 LETTER TO ALL BANKS PUBLICATION OF NAMES OF DEFAULTERS OF THE CBN POLICY ON SALE OF FOREX FOR PTA/BTA 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.
Please be guided accordingly. HARUNA B. MUSTAFA DIRECTOR, BANKING SUPERVISION DEPARTMENT