BREAKING: First Bank starts publication of Forex defaulters

The First Bank of Nigeria (FBN) has started publication of forex defaulters, as directed by the Central Bank of Nigeria (CBN)

In a mail sent to their customers, titled “Adherence to Forex Sale Policy”
it was detailed that any forex defaulters or any fraudulent practice from forex defaulters, will get their names published as directed by the CBN

“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.”

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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 (BVNs) 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”. 

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