The Central Bank of Nigeria (CBN) has issued a cautionary notice to the public regarding fraudulent ‘Swift’ messages and unfounded assertions concerning foreign currency transfers that are purportedly being withheld by Nigerian banks or the central bank itself.
This advisory comes in response to an increase in complaints from individuals, law firms, government bodies, and private organizations alleging that foreign currency (dollar, euro, pounds etc.) deposits sent to their accounts by overseas entities have not been credited.
In a statement released on Wednesday by Hakama Sidi Ali, the acting director of corporate communications, it was noted that these allegations are frequently supported by counterfeit documents, including SWIFT MT103 and SWIFT acknowledgment (ACK) copies, which are falsely presented as evidence of remittance.
The bank has also expressed its willingness to collaborate with law enforcement agencies to investigate and take legal action against those making baseless claims.
The CBN characterized these documents as unreliable, stressing that they cannot be traced on the Swift platform. The statement indicated, “The funds mentioned in these claims have not been received by the beneficiary banks, rendering their application to the beneficiaries’ accounts unfeasible.”
Furthermore, the apex bank clarified the appropriate procedure for addressing issues related to the non-receipt of funds, advising that the sender should request the sending bank to trace the funds through a formal tracer process, rather than escalating the issue to the CBN or law enforcement.
Ali firmly rejected the notion 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,” the apex bank warns.
The CBN advised Nigerians to exercise caution, cautioning that any person or entity discovered to be making baseless and unlawful claims will encounter serious legal repercussions.
