The United Financial institution of Africa (UBA) has revealed the names of shoppers the financial institution stated obtained international foreign money underneath false pretence and have since refused to return the cash.
The release of three names on the financial institution’s web site adopted a central financial institution directive for banks to publish the names of foreign exchange defaulters as a part of its efforts to clampdown on arbitrage that has helped push the worth of naira to an all-time low on each the official and parallel markets.
The Central Financial institution of Nigeria on August 31 stated the directive was prompted by stories of sharp practices by some unscrupulous prospects to bypass its new coverage on the sale of foreign exchange for abroad private and enterprise journey.
In line with a round addressed to all banks on Tuesday, and signed by the financial institution’s Director, Banking Supervision Division, Haruna Mustafa, the fraudulent practices embrace the usage of pretend visas and cancellation of air tickets after buy of Private Journey Allowance and Enterprise Journey Allowance.
“This development, if not curbed, portends threat to the integrity and stability of the foreign exchange market,” CBN stated.
“Consequently, additional to the varied measures already put in place, all banks are hereby directed to publish on their web sites the names and BVN of defaulting prospects 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 kind signed by them.”
In July, the apex financial institution ended the sales of forex to Bureau De Change operators, saying the parallel market had turn out to be a conduit for illicit foreign exchange flows and graft, it then directed all foreign exchange transactions to the industrial banks.
UBA stated two of the names it revealed cancelled their journey and did not return the PTA availed to them regardless of a number of mails, textual content messages and observe up cellphone calls.
The third buyer “”introduced a pretend visa to use for PTA”, it stated.
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