Africa Business Radio

The Central Bank of Nigeria has directed all banks in the country to publish the names and Bank Verification Number of defaulters of its forex policy.The defaulters of the policy are those using fake visas and cancelling air tickets after purchase of Personal Travel Allowance and Business Travel Allowance.The Director of the Banking Supervision Department, says Haruna Mustafa explained that this practice will affect the integrity and stability of the forex market.He says the CBN has received and noted with concern reports of sharp practises by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel.