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

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.

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.”