In continuation of efforts to stabilise the forex market, stem the
rampant cases of forex leakages and illicit money transfers from
Nigeria, the Central Bank of Nigeria (CBN) has directed all bureaux de
change operators (BDCs) in the country to demand for customers' bank
verification number (BVN) for all forex transactions from November 1,
2015.
The central bank gave the directive in a circular posted on its website
on Wednesday. The circular was signed by the Director, Financial Policy
and Regulation, CBN, Kevin Amogu. The banking sector regulator also
stated that from November 1, 2015, it would discontinue the sale of
forex to the BDCs that had not availed it the BVNs of all its directors.
It explained: " All banks and licenced BDCs operating in Nigeria as
well as the general public are, therefore put on notice that with effect
from November 1, 2015, all customers desiring to purchase forex through
all available channels in Nigeria must provide their BVN, which shall
be validated by the CBN authorised forex dealer through the Nigerian
Interbank Settlement System platform before the transactions are
consummated.
"For the avoidance of doubt, the CBN shall from November 1, 2015,
discontinue sale of forex to the BDCs that had not availed it the BVN of
all its directors. Any authorised forex dealer that fails to provide
the required information in its returns or provides a wrong BVN would be
penalised and this may include the termination of the forex dealership
authorisation."
The BVN, project which was launched in February 2014 is being sponsored
by the bankers’ committee. The deadline for enrolment of bank customers
is October 31. The BVN was among other things, introduced to address
safety of customers’ funds, avoid losses through compromise of personal
identification numbers and other criminal activities in the industry
Source: ThisdayLive
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