The Central Bank of Nigeria (CBN) has issued a strong warning against the increasing number of fraudulent claims made by individuals, private entities, law firms, and government agencies regarding uncredited foreign currency funds allegedly transferred to them by foreign entities.
The CBN has noted that these claims often include fake documents, such as SWIFT MT103 and SWIFT acknowledgement copies, which cannot be traced on the SWIFT platform and have not resulted in actual funds being received by Nigerian banks.
Fake SWIFT Documents and Untraceable Transfers
According to the CBN, the SWIFT documents often provided by claimants are unreliable, as they fail to trace any remittance to the beneficiary banks in Nigeria.
The Bank clarified that it does not provide correspondent banking services for Nigerian banks in foreign payments, nor does it maintain accounts for private business entities. As such, claims that foreign funds are trapped within the CBN are not only unfounded but deceptive.
“It is important to stress that the CBN does not engage in the process of crediting foreign funds into private business accounts. The claims made by some individuals and organizations that funds are withheld by the CBN are completely false,” the CBN statement emphasized.
Correct Procedure for Handling Missing Transfers
The CBN further outlined the correct process for addressing such issues. In cases where a beneficiary bank claims non-receipt of funds, the sending customer should contact their bank directly to initiate a tracer.
This process helps track the whereabouts of the funds and, if necessary, recall the payment. The CBN advised against escalating such matters to the Bank or law enforcement agencies without following proper procedures.
Public Cautioned Against Deceptive Claims
The public has been advised to be cautious when dealing with unauthentic SWIFT messages and documents containing fraudulent claims about foreign currency funds.
The CBN has made it clear that it will report any individual or entity making such baseless claims to law enforcement agencies for further investigation and possible prosecution.
“This warning serves to protect the public and ensure that legitimate transactions are not undermined by fraudulent activities. We encourage the public to remain vigilant and report any suspicious claims,” the statement concluded.
