Defaulters who circumvent Nigeria’s Central Bank’s Foreign Exchange policy will have their names published, banks have informed their customers.

CBN recently ordered all commercial banks to publish the names and BVNs of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks on their websites, according to the PUNCH newspaper’s report.

Identity of defaulters will be published, banks warn customers about the ban on forex trading

All banks are required to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and do not return purchased PTA/BTA within two weeks, as stipulated in the customer declaration form signed by them, according to a statement from the CBN.

As a result of the CBN’s new policy, both First Bank and United Bank for Africa have alerted their respective customers.

After purchasing personal and business travel allowance, First Bank’s customers will no longer be tolerated for unethical practices like presenting false travel documents and visas or canceling flight tickets after purchasing personal and business travel allowance, according to an email sent out by the bank to its customers.

Customer names and bank verification numbers will be published for 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.

As a fully compliant organization with the rules and regulations of the Central Bank of Nigeria, we intend to implement this policy immediately.

To ensure a transparent, efficient, and stable FX market, our bank is committed to working with the CBN.

It also encouraged its customers to follow the CBN’s rules and regulations.

We’ll keep you informed of any policy changes that may affect you, so please be aware that the CBN has directed all banks to publish a list of PTA/BTA defaulters on their websites. “, read the email sent by the bank.

We will publish the names and BVNs of customers who engage in fraudulent practices, such as presenting fake visas or canceling airline tickets after receiving PTA/BTA and failing to return the funds received to the bank within two weeks.

#foresttrading #uba #ban

Leave a Reply

Jumia Black Friday Banners
Mobile Category