Return unused forex or face sanctions, CBN tells travelers

Travellers who buy foreign exchange from banks for travel purposes but fail to embark on the trip two weeks after their scheduled travel date must return the forex to the banks, the Central Bank of Nigeria has said.

 First Bank of Nigeria disclosed this in an email to its customers titled ‘Adherence to forex sale policy’.

It said, “We have been directed by the Central Bank of Nigeria 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 and business travel allowance, will no longer be tolerated.

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“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 published.

“We aim to implement this policy immediately as an organisation that is fully compliant with the Central Bank of Nigeria’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.”