CBN orders banks to publish names and BVN of Forex defaulters
The Central Bank of Nigeria has instructed banks to publish the names and Bank Verification Numbers BVN of its customers who default on its Forex policy. In a circulate to banks dated Monday, August 30th, the apex bank lamented that it 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”. The bank said some of the unwholesome practices of some customers include “include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA”. Haruna B. Mustafa Director Banking Supervision Department of the CBN, who signed the circular, noted: “this trend, if not curbed, portends risk to the integrity and stability of the forex market”. He said to curb this trend, all banks must ''publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets a...