A file picture of the CBN Headquarters in Abuja.
The Central Financial institution of Nigeria (CBN) has directed all banks within the nation to publish the names and Financial institution Verification Quantity (BVN) of defaulters of its foreign exchange coverage.
Based on a memo made out there to Channels Tv on Tuesday, the defaulters of the coverage are these utilizing pretend visas and canceling air tickets after buy of Private Journey Allowance (PTA) and Enterprise Journey Allowance (BTA).
The memo, which was signed by Director, Banking Supervision Division, Haruna Mustafa defined that this follow will have an effect on the integrity and stability of the foreign exchange market.
“The CBN has acquired and famous with concern studies of sharp practices by some unscrupulous clients to bypass the brand new CBN coverage on the sale of foreign exchange for abroad private and enterprise journey.
“A few of these unwholesome practices embrace using pretend visas and cancellation of air tickets after buy of PTA/BTA. This development, if not curbed, portends threat to the integrity and stability of the foreign exchange market,” the assertion learn partly.
The CBN, due to this fact, directed all banks to publish on their web site, the names, and BVN of defaulters.
“Consequently, additional to the assorted measures already put in place, all banks are hereby directed to publish on their web sites the names and BVN of defaulting clients who current pretend journey paperwork or cancel their tickets and fail to return the bought PTA/BTA inside two (weeks) as stipulated within the buyer declaration type signed by them.”