We will hand over FX fraudsters to law enforcers, bankers warn

Redeveloped National Theatre ready next year

The Bankers’ Committee, yesterday, warned against abuse of the new foreign exchange (FX) sale, saying individuals who circumvent the process would be handed over to the law enforcement agents.

Briefing the media on the outcome of its meeting, the bankers promised to support the Central Bank of Nigeria (CBN) for the smooth implementation of the new FX sale.

The apex bank recently stopped the funding of FX to bureau de change (BDCs) and mandated deposit money banks (DMBS) to take a full change of FX to personal and business travel allowance (PTA/BTA) users.

Speaking at the online media session, the Group Executive Officer, Guarantee Trust Holding Company Plc, Segun Agbaje, parties, including users and banks, who contravened the process would be sanctioned appropriately, insisting that FX is for “those with genuine needs”.

Agbaje said the process would be digitalised to discourage people from “carrying cash around”. He stressed that banks and their staff would act responsibly in their handling of users’ requests.

Also speaking, Managing Director of Access Bank Plc/Chairman of Body of Banks’ Chief Executive Officers (CEOs), Herbert Wigwe, said financial institutions would not hesitate to report individuals who apply with fake documents, including flight tickets, to law enforcement agents for necessary action.

Wigwe’s colleague at First City Monument Bank Plc, Yemisi Edun, added that the process is being monitored digitally to ensure that applicants do not schedule fictitious trips to fraudulently access FX only to cancel the tickets.

“We are using digital means to track bad behaviours and monitor compliance,” Edu disclosed.

The committee also disclosed support for the creative industry, including the development of the National Theatre, which was added over to it earlier in the year.

The Committee informed that the national edifice, which had been abandoned, would be ready by December 2022. It disclosed that contracts for the development, which is funded by the banks, would be issued next month.

Chief Executive Officer of Unity Bank Plc, Tomi Somefun, said the successful completion of the asset would improve the creative industry and enhance youths’ contribution to the development of the country.