Nigerian banks ask customers to return unutilised dollars within 2 weeks

The CBN on Monday directed all banks to publish on their website names of customers who try to breach the rules on foreign exchange.

Nigerian banks have asked customers to return unutilised dollars within two weeks from the day of purchase, in response to the Central Bank of Nigeria (CBN)’s directive.

The CBN on Monday directed all banks to publish on their website names of customers who try to breach the rules on foreign exchange.

Access Bank Plc said in a note on Tuesday that customers are required to return purchased Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to their bank within two weeks from the day of purchase if not utilized for the intended purpose or if for any reason the scheduled trip is canceled.

The apex bank in a circular (BSD/DIR/PUB/LAB/14/059) issued on August 30, 2021 to all banks said it 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 Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

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The circular signed by Haruna B. Mustafa, director banking supervision department, noted some of the unwholesome practices, to include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA.

Part of the circular reads: “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”.

“Some of these unwholesome practices include use of fake visas and cancellation of air tickets after purchase of PTA/BTA. This trend, if not curbed, portends risk to the integrity and stability of the forex market.

“Consequently, further to the various measures already put in place, all banks are hereby directed to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed by them,” the circular stated.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.