The days ahead are not going to be nice for some Nigerians as banks have received an order from the Central Bank of Nigeria (CBN) to publish the names and Bank Verification Number (BVN) of customers who collected forex but did not travel.
In its warning, the CBN stated that it would publish names and BVNs of persons recognized to have presented fraudulent travel documents or cancel their ticket without refunding the purchase Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) within two weeks.
Acting speedily in line with CBN’s directives, the First Bank of Nigeria, in a circular released on Friday, September 10, 2021, noted that it will no longer condone unethical practices that are aimed at manipulating the apex bank’s policy in a bid to illegally acquire forex.
The statement released by First Bank said:
“We have been directed by the Central Bank of Nigeria (CBN) to inform all our customers that unethical practices to circumvent the new CBN policy on the sale of forex, such as the presentation of false travel documents, visas, and the cancellation of flight tickets after purchasing personal travel allowance (PTA) and business travel allowance (BTA), will no longer be tolerated.
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“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 (BVNs) published.
There are, however, concerns about the impact this development would have on the banking ecosystem in Nigeria. With the CBN’s stance on the matter, it means that:
- Persons considered to have violated the policy of the CBN would be blacklisted and denied access to forex.
- It also implies that stricter measures will be applied by banks before other customers can have access to PTAs and BTAs.
- Furthermore, persons who genuinely need forex to sort pressing needs will be affected by the irregularities created by people who collected forex under false pretense.
In a directive in July, the CBN told banks that as part of plans to discontinue the sale of forex to Nigerians through Bureaux de Change (BDC), teller points should be set up in designated branches to sell the dollar and other foreign currencies, to meet the needs of both PTA and BTA for onward sale to customers.
