Travellers who purchase overseas trade from banks for journey functions however fail to embark on the journey two weeks after their scheduled journey date should return the foreign exchange to the banks, the Central Financial institution of Nigeria has mentioned.
First Financial institution of Nigeria disclosed this in an electronic mail to its clients titled ‘Adherence to foreign exchange sale coverage’.
It mentioned, “Now we have been directed by the Central Financial institution of Nigeria to tell all our clients that unethical practices to bypass the brand new CBN coverage on the sale of foreign exchange, such because the presentation of false journey paperwork, visas, and the cancellation of flight tickets after buying private journey allowance and enterprise journey allowance, will not be tolerated.
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“Defaulting clients who current fraudulent journey credentials or cancel their tickets and fail to refund the bought PTA and BTA inside two weeks, as said within the signed buyer declaration kind, could have their identities and financial institution verification numbers printed.
“We purpose to implement this coverage instantly as an organisation that’s totally compliant with the Central Financial institution of Nigeria’s guidelines and rules.
“Our financial institution is dedicated to partnering with the CBN to make sure a clear, environment friendly and steady FX Market that meets the wants of all reputable customers.”