The Central Bank of Nigeria (CBN) has issued a public warning over the rising circulation of fraudulent SWIFT messages and baseless allegations regarding foreign currency transfers.
These claims suggest that funds sent to Nigerian accounts by overseas entities are being withheld by local banks or the CBN itself.
In a statement issued on Wednesday, Hakama Sidi Ali, the Acting Director of Corporate Communications, addressed the growing number of complaints from individuals, legal practitioners, government agencies, and private organizations. These parties allege that foreign currency deposits in dollars, euros, or pounds meant for their accounts have not been credited.
Ali explained that many of these claims are accompanied by fake documents, including SWIFT MT103 and SWIFT acknowledgment (ACK) copies, which are fraudulently presented as proof of remittance. He emphasized that such documents “cannot be traced on the SWIFT platform” and are unreliable as evidence.
“The funds mentioned in these claims have not been received by the beneficiary banks, rendering their application to the beneficiaries’ accounts unfeasible,” the statement read.
To address legitimate concerns over non-receipt of funds, the CBN advised that the proper procedure involves the sender initiating a formal tracing process with the sending bank, rather than escalating the matter to the central bank or law enforcement agencies.
“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,” Ali clarified.
The apex bank also reaffirmed its commitment to working with law enforcement authorities to investigate and prosecute individuals or entities spreading false claims. Nigerians were urged to remain vigilant and avoid falling victim to scams of this nature.
The CBN warned that any individual or organization found making unfounded or fraudulent allegations would face severe legal consequences.
