Banks to Blacklist Customers Engaged in FX Manipulation

• Say Post-No-Debit order will be placed on such customers’ accounts 

By Nume Ekeghe

Bankers Committee has announced that banks would place Post-No-Debit (PND) order on the accounts of customers who use fraudulent means  to procure foreign exchange (Fx).

The committee also said it had collaborated with Nigerian Interbank Settlement System (NIBBS) to create a portal where information on FX sales can be shared real-time to help checkmate arbitrage and also aid digitisation process of buying invincible.

The Group Chief Executive Officer, Guaranty Trust Holding, Mr. Segun Agbaje, said this Thursday at a press briefing after the conclusion of the Banker Committee’s meeting.

He said: “Today, there is already a NIBBS portal which the banks share information and what we do is make sure that the rules around being able to apply for PTA or BTA once a quarter by bringing in your ticket and with this, we would be sharing your information on the portal. This is very important information because, if we find as we have started to see that people are trying to defraud  the system, we would capture this on this portal. And the banks are reporting the individuals to the CBN.”

“The likely punishment is that your account would be PND. And if you understand what that means, PND means you would not be able to do anything in the banking system. So, while we are committed, this is not for people who want to game the system, this is for people who have genuine needs. And so fraudulent transactions or fraudulent individuals will be reported to the CBN and the portal would help us do this.”

Details later…