Business & Economy

Forex: CBN Calls For IATA Support To Curb ‘Ticket Renting’ In Nigeria

The Central Bank of Nigeria (CBN) has requested the assistance of the International Air Transport Association (IATA) to curb ‘Ticket renting’ in Nigeria.

It was reported that some deposit money banks acting on the directive of the CBN have sent notices to their customers warning that identities and Bank Verification Number (BVN) of those who contravene the apex bank’s new forex policy on overseas personal and business travels will be published.

Brand News Day Nigeria reports that the IATA made this known through a memo made available the agency, titled “Issuance of Tickets for the Fraudulent Purchase of BTA”, issued to the National Association of Nigerian Travel Agencies (NANTA) calling for their cooperation to tame the menace, which the CBN described as economic sabotage, as it constitutes a leakage in its foreign exchange supply system.

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READ: Bank Verification Number: How To Check BVN Using Your Phone

This burgeoning platform revealed that the memo, which was signed by the Head of Account Management, West and Central Africa, IATA, Samson Fatokun, stated, “The Central Bank of Nigeria (CBN) called my attention to the criminal practice of air tickets being issued to unscrupulous persons for the fraudulent purchase of BA and same tickets are voided the same day once the economic fraud has been committed. This nefarious activity amounts to economic sabotage as it constitutes a leakage in the CB foreign exchange supply system.

Forex: CBN Calls For IATA Support To Curb ‘Ticket Renting’ In Nigeria

“Issuing tickets for the sole purpose of purchasing BTA and voiding those tickets thereafter, termed “Ticket renting*, is fraudulent and amounts to participating in economic sabotage. You are advised to alert your members about this fraudulent practice and warn whichever agent might be involved in this economic sabotage to desist from it. The Central Bank of Nigeria expects our utmost cooperation.”

What is Ticket Renting

Ticket renting is a nefarious activity where air tickets are being issued to unscrupulous persons for the fraudulent purchase of BTA and then voided once the economic fraud has been committed.

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