• Latest
  • Trending
  • All
  • LATEST NEWS
  • SPONSORED POSTS
  • BANKING
  • Cryptocurrency
  • Job Past Questions
  • PRICE WATCH
  • VIEW POINT
  • ECONOMY
  • Careers
  • Press Release
  • Breaking News
  • education news
  • Personal Finance
  • Networth
Naira dollar rates3

Banks Lament Fraudulent Forex Requests by Customers

August 13, 2021
nlc protest

Federal Government Urges NLC and TUC to Reconsider Nationwide Strike

September 29, 2023
U.S. President Joe Biden signs an executive order, in Washington

President Biden Appoints Two Nigerian-American Experts as Special Advisers

September 28, 2023
Meta AI Chatbot

Mark Zuckerberg Unveils Meta AI Chatbot, a Rival to OpenAI’s ChatGPT

September 28, 2023
Food Prices

Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS

September 28, 2023
binance announcement

Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services

September 28, 2023
Arbitrum Ethereum Layer 2 Scaling Solution to Launch This Month

US Set to Welcome Ethereum Futures ETFs Trading Next Week, Bloomberg Analyst Predicts

September 28, 2023
Bitget study shows that 46% of millennials in the world's largest economies own crypto

Analyst Predicts Bitcoin Price Hike to $30K in October as Currency Sees 2% Uptick

September 28, 2023
Cooking Gas Prices in Nigeria: Skyrocketing to New Heights?

Rising Cooking Gas Prices Spark Concern: NALPGAM Calls for Federal Intervention

September 28, 2023
KPMG Nigeria sees significant growth in mobile banking

E-Banking Fees Surge to N154 Billion in First Half of 2023 Amid Growing Adoption

September 28, 2023
Okeodo Market

Lagos State Government Closes Okeodo Market Due to Environmental Violations

September 28, 2023
Nigerian Stock Trades Tumble to Four-Month Low Amid Market Uncertainties

Nigerian Stock Trades Tumble to Four-Month Low Amid Market Uncertainties

September 28, 2023
Nigeria Secures $1.95bn in World Bank Loans Amidst Rising Debt Concerns

Nigeria Secures $1.95bn in World Bank Loans Amidst Rising Debt Concerns

September 28, 2023
  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise
Saturday, September 30, 2023
  • Login
Financial Watch
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
Financial Watch
No Result
View All Result
Home BANKING

Banks Lament Fraudulent Forex Requests by Customers

The committee at the end of a meeting held on Thursday told journalists that some customers are submitting fake documents

by Sam Gabriel
August 13, 2021
in BANKING
0
Naira dollar rates3

Naira dollar rates

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Banks Lament Fraudulent Forex Requests by Customers – The Bankers’ Committee has expressed concern over the fraudulent demands for foreign exchange (forex) by bank customers.

The committee at the end of a meeting held on Thursday told journalists that some customers are submitting fake documents such as expired passports, invalid flight tickets or open tickets that are cancelled after collecting forex.

They added that others are requesting for forex in excess of what they require.

The Managing Director of Guarantee Trust Bank, Segun Agbaje, while speaking to the issue said banks do not want “fraudulent transactions taking place” in the guise of forex transactions.

He said banks have observed disturbing activities by some customers submitting unverifiable flight tickets and requesting for more forex than they need.

However, he said legitimate demands for Basic Travel Allowance (BTA) and Personal Travel Allowance (PTA), medical needs and educational purposes “are working very well”.

He urged bank customers to consider putting their forex in cards as the Banker’s Committee is considering digitizing the process, saying the Nigeria Inter-Bank Settlement System Instant Payment (NIBSS) had created a portal for forex to be bought online.

He said, “We are digitising the system to make it quicker, faster and cheaper. There will be no need to carry cash around when travelling, as card transactions make it seamless, which is what obtains in other parts of the world.”

Also speaking, the Managing Director, First City Monument Bank (FCMB), Yemisi Edun, said, “Banks are ready and prepared to address the need of customers and all banks have been attending to customers. We have our teller points and the CBN has been providing the funding.

“We are using digital means to take records and data. We have a portal with means to track fraud. For example, we noticed people coming with airline tickets and then cancelling in a bid to obtain forex. We have means to stop this kind of behaviour.

“We encourage customers to use their banks to obtain forex as well as using electronic means of crediting their cards instead of carrying cash to buy invisibles. The banks are prepared with teller points to handle demand.”

The Managing Director of Access Bank and Chairman of the committee, Herbert Wigwe, said customers who failed to comply with the rules stipulated by the CBN would be reported to the law enforcement agencies for further prosecution.

The Central Bank of Nigeria (CBN) had had last month stopped forex sale to the Bureau De Change, saying they had turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.

The CBN Governor, Mr Godwin Emefiele, said the apex bank would channel a significant portion of its weekly allocation meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

Tags: BANKSForex
Share196Tweet123
Previous Post

President of Argentina open to Bitcoin and a CBDC but central bank disagrees

Next Post

EUI admission news 2021: Cut-off marks, post-Utme forms, exam dates

Sam Gabriel

Sam Gabriel

Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Next Post
Jamb cut off mark for univerities and polytechnics in Nigeria

EUI admission news 2021: Cut-off marks, post-Utme forms, exam dates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FRSC recruitment

Federal Road Safety Corps Salary Structure – See How FRSC Pay Workers

September 22, 2021
FRSC insists it has statutory powers to arrest traffic offenders impound vehicles

FRSC News 2021 – See Today’s Recruitment 10 latest Updates

September 11, 2021
The Nigerian Army DSSC SSC Recruitment Portal

Current Salary of Nigerian Army Officers: See Full Details (2021)

September 11, 2021
CBN AGSMEIS Loan Form 2020/2021: How To Apply Without Collateral

CBN Loan application Form 2021: How To Apply for Collateral free loan

August 17, 2021
Regulatory preasure forces Binance to suspend Euro deposits

Binance Makes Its Way into Dollar Indexes as BNB price Drops 10% in One Week

July 20, 2021
How buy 2019 JAMB 2019 UTME form/ registration PIN online

UTME result: How to Check JAMB Result 2022 – Jamb Result Checker

1333
JAMB Result checker 2020 out | www jamb org ng result checker

Utme 2021: Check JAMB Results Using JAMB Registration Number

1146
List of JAMB Approved CBT Centres In Abia State 2020/2021 | Abia State Jamb Cbt Centres

Jamb Portal 2021: How to check Jamb Results – jamb.org.ng/efacility

523
P Yes registration

www.p-yes.gov.ng – Register For P-YES Progeamme Portal – Apply Now

436
Breaking: JAMB releases more 15,490 UTME results

JAMB Results 2021 Online Checking Steps | www.jamb.org.ng Result

316
nlc protest

Federal Government Urges NLC and TUC to Reconsider Nationwide Strike

September 29, 2023
U.S. President Joe Biden signs an executive order, in Washington

President Biden Appoints Two Nigerian-American Experts as Special Advisers

September 28, 2023
Meta AI Chatbot

Mark Zuckerberg Unveils Meta AI Chatbot, a Rival to OpenAI’s ChatGPT

September 28, 2023
Food Prices

Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS

September 28, 2023
binance announcement

Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services

September 28, 2023
Financial Watch

Copyright © 2023 Financial Watch.

Navigate Site

  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise

Follow Us

No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH

Copyright © 2023 Financial Watch.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In