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Sopuruchi Onwuka
Central Bank of Nigeria is rising against abuse of its direct sale of foreign currencies to personal and business travelers, directing all banks enlisted in highly guarded release of scarce foreign exchange in the country to expose customers that exploit the new windows.
The measure came after allegations that some bank customers fraudulently secure foreign currency at approved government rates on the pretext of making overseas trips. Such personal travel allowances (PTAs) and Business Travel Allowances (BTAs), the banks allege, are fraudulently diverted as some of the applicants either present fake travel documents or cancel their trips.
The CBN, according to some of the commercial banks, is now on the hunt of the defaulters. The apex bank also requires commercial banks now to publish the identities of defaulters that secured foreign exchange from them.
Accordingly, some commercial banks in the country have churned our mails to their customers, informing them of the directive from the CBN and their obligation to comply.
“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,” a big retail banker in the country informed customers in the week.
Another bank warned customers that the directive from the CBN is for immediate implementation, adding that the order formed part of the banks’ operating rules and regulations.
“We aim to implement this policy immediately as an organization that is fully compliant with the Central Bank of Nigeria’s rules and regulations,” another banks stated in email to customers.
“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,” It stressed.
