Ola Williams Abuja-
The Central Bank of Nigeria (CBN) has cautioned the public about the use of fake SWIFT messages in foreign exchange (FX) transactions, urging customers to exercise due diligence to avoid falling victim to fraudulent schemes.
In a statement issued on Tuesday by Hakama Sidi-Ali, Acting Director of the Corporate Communications Department, the CBN highlighted complaints from stakeholders, including individuals, private entities, law firms, and government agencies, regarding uncredited foreign currency transfers allegedly sent to their Nigerian bank accounts.
“Some claimants allege that funds were withheld by either the beneficiary bank in Nigeria or the CBN and have requested assistance in releasing the funds,” Sidi-Ali noted. She explained that such requests are often supported by fake documents, including SWIFT MT103 and SWIFT acknowledgment copies.
“These documents are unreliable and cannot be traced on the SWIFT platform. Additionally, the funds are not received, making it impossible to credit the beneficiary’s account,” she clarified.
Sidi-Ali emphasized the standard practice for resolving non-receipt of funds in such situations: “The sender must contact their bank, which will trace the transaction and recall the funds if necessary. The CBN does not provide correspondent banking services for Nigerian banks or maintain accounts for private business entities.
Claims that the CBN is holding such funds are spurious and deceitful.” The CBN warned the public to avoid relying on fraudulent SWIFT messages and documents purporting substantial foreign currency transfers.
“We urge everyone to exercise caution and report any suspicious claims to law enforcement agencies. Furthermore, the CBN will not hesitate to prosecute anyone making illegitimate claims,” Sidi-Ali added.
The apex bank reiterated its commitment to safeguarding the integrity of Nigeria’s financial system and advised stakeholders to follow due processes for international transactions.
