BREAKING: CBN Orders Banks to Publish Names, BVN of Forex Defaulters




Overview Of: BREAKING: CBN Orders Banks to Publish Names, BVN of Forex Defaulters


BREAKING: CBN Orders Banks to Publish Names, BVN of Forex Defaulters

All banks in Nigeria have been given an order by the Central Bank of Nigeria.

An order has been given to banks publish names of customers who try to break the rules on Forex acquisition on their website. The order was given by the Central Bank of Nigeria (CBN) on Monday.

The CBN on Monday, August 30th issued a circular (BSD/DIR/PUB/LAB/14/059) to all banks lamenting 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”.

Some of the unwholesome practices, the CBN said: “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”.

To curb this threat, he ordered all banks “to publish on their

 

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