19th November, 2024
The Central Bank of Nigeria (CBN) has cautioned the public against the use of fraudulent SWIFT messages, including falsified SWIFT MT103 forms and acknowledgment copies, in claims of uncredited foreign currency transfers.
In a statement onTuesday, the apex bank noted a rise in petitions from private entities, individuals, law firms, and government agencies alleging that funds transferred from foreign entities to Nigerian bank accounts were withheld, either by the beneficiary banks or the CBN itself.
The CBN clarified that such claims often rely on fabricated documents presented as proof of remittance.
“These SWIFT messages are not traceable on the SWIFT platform, and no funds have been received to credit the beneficiaries’ accounts,” the statement read.
The bank outlined the correct procedure for handling issues of uncredited foreign transfers, emphasising that the sender should contact their bank to initiate a tracer to determine the location of the funds and facilitate their recall.
It discouraged claimants from escalating such matters to the CBN or law enforcement agencies without following the standard process.
Additionally, the CBN reiterated that it does not provide correspondent banking services for Nigerian banks or maintain accounts for private businesses.
“Claims that alleged inflows meant for private entities are trapped in the CBN are baseless and deceptive,” it asserted.
The apex bank urged the public to remain vigilant and follow due banking processes to resolve issues related to international fund transfers, warning against the reliance on fake documents or misrepresentation.
