Ten Nigerian Banks publish names, BVNs and account numbers of forex defaulters

The names, Bank Verification Numbers (BVNs), and account numbers of clients who accessed foreign exchange under false pretense and refused to return it have been published by some Nigerian banks.

This comes after the Nigerian Central Bank ordered banks to disclose consumers who use fraudulent and unscrupulous methods to get foreign currency from banks.

According to information gathered, ten Nigerian banks have revealed around 1,235 names in response to the CBN's instruction at the time of writing this piece.

On its website, Zenith Bank reported 987 foreign exchange (FX) violations, while Polaris Bank listed 40.

Access Bank has 24, Fidelity Bank has 83, First City Monument Bank has nine, Stanbic IBTC Bank has 19, Standard Chartered Bank has four, United Bank for Africa has three, and Wema Bank has only one name on its website.

Despite repeated attempts to contact them, Polaris Bank reported on its website that some of its clients cancelled their trips and it did not obtain a reimbursement for the Personal Travel Allowance (PTA) sold to them.

Six of Sterling Bank's customers presented fraudulent visas or documents to apply for Personal Travel Allowance according to the bank.

According to Nairametrics, some deposit money banks, acting on the Central Bank of Nigeria's (CBN) directive, have sent notices to their customers warning that those who violate the apex bank's new forex policy on overseas personal and business travels will have their identities and Bank Verification Number (BVN) published.

Customers who participate in fraudulent and unethical actions when purchasing Personal Travel Allowances (PTA) and Business Travel Allowances (BTA) will face sanctions, according to the banks' notifications (BTA).

Travelers who purchase foreign exchange from banks for travel purposes but do not depart within two weeks of their stated departure date must return the currency to the banks, according to the CBN.

This is necessary because, individuals now turn to selling the foreign currency at their own rates which affect more than just the exchange rates in the “black market” but gives room for illicit forex flows and fraud to be channeled through the parallel market.

During the Monetary Policy Council meeting on Friday, September 17, 2021, CBN Governor Godwin Emefiele warned that the central bank will go after Nigerians who acquire FX for personal travel and then cancel their visits.