The Central Bank of Nigeria (CBN) has directed all banks in the country to publish the names and Bank Verification Number (BVN) of defaulters of its forex policy.

According to a memo made available to newsmen, the defaulters of the policy are those using fake visas and canceling air tickets after purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

The memo, which was signed by Director, Banking Supervision Department, HARUNA MUSTAFA explained that this practice will affect the integrity and stability of the forex market.

“The CBN has received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel.

The CBN, therefore, directed all banks to publish on their website, the names, and BVN of defaulters.