To ensure fair distribution of the nation’s scarce foreign exchange (forex) to genuine end-users, the Central of Nigeria-led Bankers Committee yesterday, threatened severe sanctions for saboteurs of the new foreign exchange policy of the apex bank.
Speaking at a media briefing after its meeting Thursday, the Group Managing Director of GTCO, Mr Segun Agbaje, via Zoom, alongside Mr Herbert Wigwe GMD of Access Bank, Mrs Ireti Samuel-Ogbu of Citibank, Mrs Yemisi Edun, FCMB , Mrs Tomi Somefun , Unity Bank and Mr Wole Adeniyi, the managing director of Stanbic IBTC as well as the Director of Banking Supervision of the CBN, Mr Haruna Mustafa, warned that the CBN will not be lenient on individuals or banks caught engaging in or encouraging fraudulent transactions as the forex policy commences digital transactions.
For fraudulent individuals, “the likely punishment is that your account will be PNDed. And if you understand that, you will not be able to do anything in the banking system”, he stated.
As for what will happen after it becomes fully digitised, he said.
“I hope many of you see that the new FX policy with regards to PTA, BTA, School fees, medical fees, is working very well and the banks have taken it upon ourselves to make sure that this work. As the first phase, most of the things that you do, you go to the branches today to do most things. We are going to digitise the whole process.The way the world is going, an app is being created by Nigeria Interbank Settlement System (NIBSS) where you will be able to apply online. There are rules surrounding the whole things so that you can only apply for BTA, PTA once in a quarter, you have to bring your passports and flight tickets among others. Today, there is also already a NIBSS auto where banks share information on what we do. So, we are sharing this information on the portal. In fact, as we have started to see that people are trying to defraud the system and we are tracking it on the portal. The banks are reporting the individuals to the CBN.
“So, while we are automated, this is not for the the people who want to game the system. They are for people with genuine needs.So, fraudulent transactions or fraudulent individuals will be reported to the CBN in the portal. “The CBN will not be lenient with any bank caught encouraging fraudulent transactions as the said bank will get strong sanctions.
