The Central Bank of Nigeria (CBN) has issued a warning to the public to remain cautious of fraudulent ‘Swift’ messages and unverified claims about foreign currency transfers supposedly withheld by Nigerian banks or the central bank.
This warning comes in response to an increase in petitions from individuals, law firms, government agencies, and private entities, alleging that foreign currency funds sent to their accounts by international parties have not been credited.
In a statement signed by Hakama Sidi Ali, acting director of corporate communications, the CBN highlighted that these claims are often accompanied by counterfeit documents, such as SWIFT MT103 and SWIFT acknowledgement (ACK) copies, presented as evidence of remittance.
The bank also affirmed its commitment to working with law enforcement agencies to investigate and prosecute those making false allegations.
The CBN described these documents as unreliable, emphasising that they cannot be traced on the Swift platform. “The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible,” the statement read.
The Central Bank of Nigeria (CBN) clarified the proper procedure for addressing issues related to non-receipt of funds, advising that the sender should first request the sending bank to trace the funds through a formal tracer process, rather than escalating the issue to the CBN or law enforcement agencies.
Ali also firmly rejected claims that the CBN offers correspondent banking services or holds accounts for private business entities.
“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,” she said.
The bank urged Nigerians to remain vigilant, warning that any individual or organisation found making unfounded and illegitimate claims would face severe legal consequences.