The Central Financial institution of Nigeria (CBN) has directed all banks within the nation to post the names and Financial institution Verification Quantity (BVN) of defaulters of its foreign places substitute policy.
In step with a memo made on hand to Channels Television on Tuesday, the defaulters of the policy are these the usage of unfounded visas and canceling air tickets after make a selection of Personal Race Allowance (PTA) and Business Race Allowance (BTA).
The memo, which used to be signed by Director, Banking Supervision Division, Haruna Mustafa defined that this note can web an rate on the integrity and balance of the foreign places substitute market.
“The CBN has acquired and well-known with exclaim stories of spellbinding practices by some unscrupulous customers to circumvent the new CBN policy on the sale of foreign places substitute for foreign places personal and business trek.
“These forms of unwholesome practices embrace the usage of unfounded visas and cancellation of air tickets after make a selection of PTA/BTA. This pattern, if now now not curbed, portends threat to the integrity and balance of the foreign places substitute market,” the commentary learn in phase.
READ ALSO: NNPC Fascinated by IPO After Declaring First Income In 44 Years
The CBN, therefore, directed all banks to post on their web utter, the names, and BVN of defaulters.
“As a end result, further to the heaps of measures already place in achieve, all banks are hereby directed to post on their web sites the names and BVN of defaulting customers who train unfounded trek documents or assassinate their tickets and fail to reach the purchased PTA/BTA inner two (weeks) as stipulated within the client declaration create signed by them.”