Forex sales: FirstBank to publish details of fraudulent customers

By SIMON ECHEWOFUN SUNDAY

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 on Thursday night, the Nigerian lender said:

“We have been directed by the Central Bank of Nigeria (CBN) to inform all our customers that unethical practices to circumvent the new CBN 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
FirstBank also said it will strive to implement this policy immediately as an organisation that is fully compliant with the CBN’s rules and regulations.

“Our bank is committed to partnering with the CBN to ensure a transparent, efficient and stable FX Market that meets the needs of all legitimate users.”

Daily Trust 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. (Daily Trust)