Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) is set to deal with bank 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.

THIS DAY reports that some banks sent out notices to their customers yesterday, warning against contravening the new Central Bank of Nigeria’s policy on the sale of forex for overseas personal and business travels and informing them about the penalty. Information Guide Nigeria

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They also spelled out the consequences of fraudulent transactions regarding purchase of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) adding that defaulters will have their identities and bank verification numbers published as directed by the apex bank. Jamb Result

In a circular on forex abuse, signed by CBN Director, Banking Supervision Department, Mr. Haruna Mustafa, the forex fraud, if not curbed, presented a risk to the stability and integrity of the FX market.

Also, First Bank has announced that customers who indulge in the fraudulent act as listed on the new CBN policy on sale of forex include, false travel documents, flight cancellation after the purchase of personal and business travel allowances, fake visas will be not be tolerated henceforth.

Banks will partner with the CBN to ensure a transparent, efficient, and stable FX Market that meets the needs of all legitimate users.

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