• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Forex: CBN seeks support of IATA to curb ‘ticket renting’ in Nigeria

Abiola Odutola by Abiola Odutola
September 24, 2021
in Currencies, Hospitality & Travel
Spot FX market, FMDQ Markets
Share on FacebookShare on TwitterShare on Linkedin

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

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.

This was disclosed by IATA via a memo 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.

RelatedStories

CBN, forex

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
Airlines, African airlines

IATA projects global airline profits of $36 billion in 2025; Africa’s airlines at $200 million 

June 4, 2025

Read: Digital Currency partner, Bitt Inc to register in Nigeria, CBN to own stake

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 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.

“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 that whichever agent that might be involved in this economic sabotage to desist from it. The Central Bank of Nigeria expects our utmost cooperation.”

Read: CBN directs banks to publish names of foreign exchange defaulters

In case you missed it

  • Nairametrics had reported that some deposit money banks acting on the directive of the Central Bank of Nigeria (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.
  • The CBN had also directed that travelers who buy foreign exchange from banks for travel purposes but fail to embark on the trip after 2 weeks of their scheduled travel date must return the forex to the banks.
  • The CBN Governor, Godwin Emefiele during the Monetary Policy Council meeting which was held on Friday, September 17, 2021 warned that the apex bank will hunt Nigerians who buy forex for Personal Travel purposes and later cancel such trips.
  • The banks in their notices also pointed out consequences for those customers who engage in fraudulent and unethical practices with regards to the purchase of Personal Travel Allowances (PTA) and Business Travel Allowances (BTA).
Tags: CBNIATAInternational Air Transport Associationticket renting
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
Airlines, African airlines
Aviation

IATA projects global airline profits of $36 billion in 2025; Africa’s airlines at $200 million 

June 4, 2025
Nigerian airlines airlifts 42,177,058kg of cargo in 5 years –FAAN
Aviation

African airlines increase cargo capacity by 9.7% in April, demand up 4.7% – IATA 

May 31, 2025
Airlines, African airlines
Aviation

IATA reports 13.6% rise in African airlines’ international passenger demand in April 2025 

May 31, 2025
CBN, forex
Financial Services

Private sector credit rises to N77.9 trillion in April 2025 

May 30, 2025
Easy steps to build wealth through saving money in 2024
Economy

Money supply soars to N119 trillion amid CBN’s rate pause strategy 

May 29, 2025
Next Post
Vitol

World’s biggest independent oil trader says prices will rise above $80 due to gas crisis

Comments 2

  1. Amos Ayodele says:
    September 27, 2021 at 4:49 am

    What’s warning them by publishing their BVN going to bring to them and Nigerians? Are there no punishment in the Nigerian law books for fraud, and money laundering that they have engaged in? Why is the CBN unable to Lodge a complaint with the police to enable them to be arrested individually nationwide? One is tired if the CBN connivance on money laundering in the country through foreign exchange racketeering. This is a driver of inflation in Nigeria.

    Reply
  2. Judge says:
    September 27, 2021 at 9:06 am

    I wanna ask if it is ideal to publish defaulters ‘BVN’ number?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Wedex 2025—One day, one house, one goal
  • Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 
  • Anambra Govt acquires land in Aguata, Orumba for new industrial city 

Follow us on social media:

Recent News

Wedex 2025—One day, one house, one goal

Wedex 2025—One day, one house, one goal

June 12, 2025
Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 

Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 

June 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics