Forex: First Bank to publish details of fraudulent customers

First Bank of Nigeria Limited has threatened to name and shame any of its customers caught falsifying documents to obtain foreign exchange (forex) by having their details published within two weeks.

In a notice to its customers Thursday night, the Nigerian lender stated, “We have been directed by the Central Bank of Nigeria (CBN) to inform all our customers that unethical practices to circumvent the new policy on the sale of forex, such as the presentation of false travel documents, visas, and the cancellation of flight tickets after purchasing personal travel allowance (PTA) and business travel allowance (BTA) will no longer be tolerated.

“Defaulting customers who present fraudulent travel credentials or cancel their tickets and fail to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, will have their identities and bank verification numbers (BVNs) published,” the bank said

First Bank also said it would strive to implement this policy immediately as an organisation that is fully compliant with the CBN’s rules and regulations.

Daily Trust Saturday reports that the chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, had met with bank heads on Thursday in Lagos, where he charged them on tackling forex sales fraud, as well as money laundering issues ahead of the 2023 general elections.

It was also learnt that there are alleged collusions between bank officials and some customers to circumvent the legal process of buying forex by presenting fake travel documents, among others.