New Telegraph

Banks to customers: We’ll publish names of forex defaulters

The identities and bank verification numbers (BVNs) of defaulters, who circumvent the Central Bank of Nigeria (CBN)’s new policy on foreign exchange, will be published, banks have notified their customers. In electronic mails (emails) to their customers sighted by New Telegraph, the banks said that the move was in line with the CBN’s directive that all lenders should publish the names and BVNs of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks on their websites.

For instance, in an email it sent to its customers, Fidelity Bank said: “Fidelity Bank is committed to providing our valued customers with foreign exchange for personal and business travel as well as payment for overseas education, medical and other eligible invisible transactions.

“Our ability to deliver on this mandate is however hampered by a few customers attempting to circumvent the new FX policy of the Central Bank of Nigeria (CBN), through unwholesome practices, including the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

“To address this, the CBN has instructed all Banks to publish on their websites the names and BVNs of defaulting customers who fail to return the purchased PTA/BTA within the two-week period specified in the Customer Declaration Form signed by them. “As a bank, we support the apex bank’s decision and will work assiduously to ensure that FX is allocated equitably among legitimate users.”

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