Emefiele

Banks have warned that defaulters of the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria. The banks in emails to their customers said that defaulters of the new FX foreign exchange policy may face sanctions such as being barred from accessing FX from the official FX market, restrictions on their bank accounts as may be determined by the CBN as well as criminal prosecution. In a syndicated email to customers, the banks said, “In line with the Central Bank of Nigeria’s policy to improve access to foreign exchange for legitimate transactions, we are committed to providing you with foreign exchange for your personal and business travel as well as payment for overseas education, medical and other eligible invisible transactions. “As our valued customer, you have a role to play to ensure the success and integrity of the policy. To enable us to serve you better, you are reminded to note the following rules when applying for FX for Personal and Business Travel. “FX shall be sold for legitimate travel purposes only. Always have a clear intention and legitimate purpose to travel. You are required to provide a valid Nigerian passport and a valid visa to an international destination.

Punch.