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Nigeria: Apex bank issues new directive on sale of foreign exchange

The Central Bank of Nigeria (CBN) has issued a directive to all banks in Nigeria to publish names of defaulters…

The Central Bank of Nigeria (CBN) has issued a directive to all banks in Nigeria to publish names of defaulters of its policy on sale of forex for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).A letter signed by the Director, Banking Supervision Department, Mr. Haruna B. Mustafa,

on August 31, 2021, said: “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.”

According to the CBN, measures are already in place for defaulters of this order.

“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,” the letter said.

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