FX: CBN goes after customers who purchase PTA, BTA with fake documents

By Etuka Sunday

The Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs) in the country to publish names of customers who purchased forex for PTA/BTA with fake visas or cancelled their air tickets after purchase.
CBN said, the call was necessary to curb the trend which it says portends risk to the integrity and stability of the forex market.
A circular to the banks signed by the Director, Banking Supervision Department, CBN, Haruna B. Mustafa said, the CBN 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 these unwholesome practices include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA. This trend, if not curbed, portends risk to the integrity and stability of the forex market.
“Consequently, further to the various measures already put in place, all banks are hereby directed to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed by them.
“Please be guided accordingly,” the circular reads.