Home News Forex Coverage: CBN Directs Banks To Publish Names, BVN Of Defaulters

Forex Coverage: CBN Directs Banks To Publish Names, BVN Of Defaulters

by Good News

A file photo of the CBN Headquarters in Abuja.The Central Bank of Nigeria (CBN) has directed all banks within the nation to put up the names and Bank Verification Number (BVN) of defaulters of its foreign exchange policy.

In accordance with a memo made on hand to Channels Tv on Tuesday, the defaulters of the policy are those utilizing counterfeit visas and canceling air tickets after call to mind Private Wander Allowance (PTA) and Industry Wander Allowance (BTA).

The memo, which was signed by Director, Banking Supervision Department, Haruna Mustafa explained that this disclose will fetch an mark on the integrity and stability of the foreign exchange market.

“The CBN has obtained and effectively-known with explain reports of fascinating practices by some unscrupulous customers to avoid the recent CBN policy on the sale of foreign exchange for distant places inner most and industry move back and forth.

“About a of these unwholesome practices consist of utilizing counterfeit visas and cancellation of air tickets after call to mind PTA/BTA. This pattern, if no longer curbed, portends threat to the integrity and stability of the foreign exchange market,” the observation read in phase.

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The CBN, therefore, directed all banks to put up on their web establish, the names, and BVN of defaulters.

“In consequence, further to the more than a number of measures already set apart apart in space, all banks are hereby directed to put up on their websites the names and BVN of defaulting customers who most up-to-date counterfeit move back and forth paperwork or execute their tickets and fail to return the purchased PTA/BTA inner two (weeks) as stipulated within the client declaration carry out signed by them.”


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