In compliance with the Central Bank of Nigeria’s mandate, more banks will be required to publish the names and account details of foreign exchange defaulters.
After the United Bank for Africa publicized the identities of certain individuals who benefited from the PTA but did not use it for the reason they registered for, this was corroborated by several bank sources.
The defaulters’ account numbers and Bank Verification Numbers were made public by the bank. Customers had obtained low-cost foreign currency from banks for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA), but they did not travel abroad.
He said, “The directive came from CBN and all must comply, as it is not a matter of choice. We are compiling our list and have already issued notice to all defaulters spotted so far to refund the dollar before we publish the names and account details”.
Recall that, Banks have informed their clients that the identities of defaulters who violate the Central Bank of Nigeria’s Foreign Exchange regulation will be disclosed.
According to reports, the CBN recently mandated all commercial banks to disclose on their websites the names and BVNs of customers who participate in fraudulent and unethical acts to get foreign exchange from banks.
Consequently, 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; this further to the other measures already put in place,
Customers of First Bank and United Bank for Africa have been informed of the CBN policy’s implementation.
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 published.