UBA publishes names of forex defaulters

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The United Bank of Africa (UBA) has published the names of customers the bank said received foreign currency under false pretence and have since refused to return the money. The release of three names on the bank’s website followed a central bank directive for banks to publish the names of forex defaulters as part of its efforts to clampdown on arbitrage that has helped push the value of naira to an all-time low on both the official and parallel markets. The Central Bank of Nigeria on August 31 said the directive was prompted by reports of sharp practices by some unscrupulous customers to circumvent its new policy on the sale of forex for overseas personal and business travel. According to a circular addressed to all banks on Tuesday, and signed by the bank’s Director, Banking Supervision Department, Haruna Mustafa, the fraudulent practices include the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allow
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