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CBN - The sanction for forex defaulters in Nigeria takes off

sanction for forex, forex defaulters

The ground can be prepared for banks to start "naming and shaming" customers engaged in foreign currency abuses (forex). As in line with the directive of the Central Bank of Nigeria (CBN).

In circulars received over the weekend, the Nation found that banks have completed the "warning" phase and are now ready to begin full and immediate implementation of "naming and denouncing" unethical methods of receiving and returning currency.


After the ban on the sale of forex to Currency Exchange Office operators (BDC) and the appointment of banks as CBN points of sale, alarm signals appeared about abuses aimed at circumventing the forex sales policy by unscrupulous customers.


Some unethical practices include presenting false travel documents, visas and canceling air tickets after purchasing personal travel cards (PTA) and business travel cards (BTA).


According to the circulars, customers who have not fulfilled their obligations provide fake travel credentials or cancel their tickets and do not return the purchased PTA and BTA within two weeks.

The signed customer declaration form indicates that their identification data and bank identification numbers (BVNS) will be immediately published.


The initial directive was to publish such certificates online on banks' websites, and a banking source said that the apex bank and the bankers' committee could expand" names and shame" to publication in national dailies. The banking industry already has a policy of publishing forex transactions in national daily journals.


"We are striving to implement this policy immediately as an organization that fully complies with the rules and regulations of the Central Bank of Nigeria," one of the banks said.


The industry's dollar purchase template provided by banks previously indicated that retail users could receive up to $ 4,000 as a parent fee and $ 5,000 as a BTA quarterly, subject to four basic requirements.

The requirements include that applicant must be 18 years of age or older. Must have a valid Bank Confirmation Number (BVN), a valid Nigerian passport, a valid VISA, and a return ticket, and the travel date must not exceed 14 days from the date of purchase of the PTA/BTA.


Banks have assured that retail users can go to any branch to buy dollars to pay for international school fees, foreign medical bills, SME Form Q transactions, and any other foreign currency transactions that meet the requirements.

"We will instantly process your requests for currency exchange. Meaning that you will receive your forex on the same day in cash, and in the case of payment of school fees and medical bills to an offshore recipient," the bank said.

The banks said that to pay tuition fees at an international school, students could apply independently or through their parents and guardians with a valid BVN. 

Requirements from such applicants include:

  • A letter of admission.
  • An invoice for payment.
  • A first-degree certificate in the case of graduate students.
  • A duly completed Form A.



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