The Central Bank of Nigeria (CBN) has issued a warning to the public regarding fraudulent ‘Swift’ messages and unfounded claims concerning foreign currency transfers allegedly withheld by Nigerian banks or the central bank itself.
The advisory addresses a rise in complaints from individuals and organizations regarding uncredited foreign currency funds sent to their accounts.
CBN’s acting director of corporate communications, Hakama Sidi Ali, noted that these claims often involve counterfeit documents, including fake SWIFT MT103 and acknowledgment copies, presented as proof of remittance.
The bank has expressed its readiness to work with law enforcement agencies to investigate and take legal action against those who make fraudulent claims.
The CBN labeled these documents as unreliable since they are untraceable on the SWIFT platform.
The apex bank clarified the proper procedure for resolving issues related to undelivered funds.
It recommended that the sender should ask their bank to trace the funds through a formal tracing process, rather than escalating the matter to the CBN or law enforcement.
Ali firmly rejected claims that the CBN provides correspondent banking services or maintains accounts for private business entities.
The bank urged Nigerians to exercise vigilance, cautioning that any individual or organisation found making baseless and illegitimate claims would face severe legal repercussions.
The funds referenced in these claims have not been received by the beneficiary banks, rendering their application to the beneficiaries’ accounts impossible.
CBN
For the avoidance of doubt, the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities. Consequently, the claim that alleged inflows are trapped within the CBN is both spurious and deceitful
