CBN calls for IATA support to curb ‘ticket hire’ in Nigeria – Nairametrics

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The Central Bank of Nigeria (CBN) has requested support from the International Air Transport Association (IATA) to curb “ticket hire” in Nigeria.

Ticket rental is a nefarious activity where airline tickets are issued to unscrupulous people for the fraudulent purchase of BTA and then canceled once the economic fraud has been committed.

This was disclosed by IATA via a note titled “Ticket issuance for fraudulent purchase of BTA”, issued to the National Association of Nigerian Travel Agencies (NANTA) calling for their cooperation in taming the threat, which the CBN has called economic sabotage, as it constitutes a leak in its foreign exchange supply system.

Read: Digital Currency Partner Bitt Inc To Register In Nigeria, CBN To Hold Stake

The note, which was signed by the Chief of Account Management, West and Central Africa, IATA, Samson Fatokun, said, “The Central Bank of Nigeria (CBN) has drawn my attention to the criminal practice of issuing airline tickets to unscrupulous people for fraudulent purchase of BA and the same tickets are canceled the same day after economic fraud has been committed. This harmful activity is akin to economic sabotage because it constitutes a leak in the currency supply system of the BC.

“To issue tickets for the sole purpose of purchasing BTAs and subsequently canceling those tickets, referred to as “Ticket Rental *”, is fraudulent and amounts to participating in economic sabotage. You are advised to alert your members to this fraudulent practice and to warn any agent likely to be involved in this economic sabotage to renounce it. The Central Bank of Nigeria expects our greatest cooperation. “

Read: CBN orders banks to publish names of foreign exchange defaults

In case you missed it

  • Nairametrics had reported that some depository banks acting on the directive from the Central Bank of Nigeria (CBN) have sent notices to their customers warning them that the identities and Bank Verification Number (BVN) of those who violate the new policy of the umbrella bank’s foreign exchange and business trips will be published.
  • The CBN had also ordered travelers who buy foreign currency from banks for travel purposes but who do not embark on the trip after 2 weeks of their scheduled travel date must return the forex to the banks.
  • CBN Governor Godwin Emefiele at the Monetary Policy Council meeting on Friday, September 17, 2021, warned that the umbrella bank would drive out Nigerians who buy forex for personal travel and cancel later these trips.
  • In their opinions, the banks also highlighted the consequences for customers who engage in fraudulent and unethical practices in relation to the purchase of personal travel allowances (PTAs) and travel allowances. ‘business (BTA).


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