Thursday, May 19, 2022

Banks disclose names of customers using fake visa to buy cheap dollar for resale

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In a circular in July 2021, CBN had directed banks to publicize the identities of persons who engage in such behaviour and to restrict them from obtaining currency in the future.

Banks disclose names of customers using fake visa to buy cheap dollar for resale



The widening difference between the black market and official rates has worsened the forex fraud, as banks publish more names of Nigerians attempting to cheat the system in an attempt to make more money.

As of Wednesday, 23 February 2022, the dollar exchanged for N416 at the official market and N575 at the black market. This is a gap of over N159.


Checks on the websites of ten commercial banks reveal that over 1,226 identities have been exposed thus far.

Banks disclose names of customers using fake visa to buy cheap dollar for resale

The Breakdown

On its website, Zenith Bank listed 990 foreign exchange (FX) offenders, while Polaris Bank and Sterling Bank listed 40 and 53, respectively.


Access Bank on its website has 29, Fidelity Bank reported 83, First City Monument Bank had 9, Stanbic IBTC Bank reported 15, Standard Chartered Bank had four, United Bank for Africa had three, and Wema Bank has so far published just one name.

Polaris Bank stated on its website that despite follow-ups with the 54 consumers, it did not reimburse the Personal Travel Allowance (PTA) sold to them.

Sterling Bank also stated that its clients cancelled their trip but did not return the PTA provided to them, despite repeated phone calls and texts.

Six of the bank’s customers also provided bogus visas or passports while applying for PTA, according to the bank.

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