CBN Warns On Fake Foreign Currency Transfers

The Central Bank of Nigeria (CBN) has warned the public about fake “Swift” messages and false claims regarding foreign currency transfers.

This caution comes after several complaints from individuals, law firms, government agencies, and private organizations alleging that foreign currency deposits, such as dollars or euros, sent to their accounts by international entities were not credited.

In a statement issued on Wednesday by Hakama Sidi Ali, the acting director of corporate communications, the CBN revealed that many of these claims rely on forged documents. These include fake SWIFT MT103 and acknowledgment (ACK) copies presented as proof of payment. The bank emphasized that these documents are unreliable and cannot be verified on the Swift platform.

“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 such issues, the CBN advised the public to follow the correct procedure. It explained that senders of uncredited funds should ask their banks to trace the transfers through a formal process rather than involving the CBN or law enforcement.

The central bank also dismissed allegations that it provides correspondent banking services or maintains accounts for private businesses. Ali clarified, “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 bank pledged to work with law enforcement to investigate and prosecute individuals or groups behind false claims. It urged Nigerians to remain cautious, warning that those making baseless allegations would face serious legal consequences.

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