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CBN Warns Public Against Fake SWIFT Transfer Claims

The Central Bank of Nigeria (CBN) has raised concerns over a surge in fraudulent claims by individuals, private entities, law firms, and government agencies regarding uncredited foreign currency transfers.

Many claimants allege that funds sent by foreign entities have been withheld by Nigerian banks or the CBN, often presenting fake SWIFT documents (such as SWIFT MT 103 and SWIFT Ack copy) as proof. However, these documents are not traceable on the SWIFT platform, and the alleged funds were never received by the supposed beneficiary banks.

The CBN clarifies that in cases where a receiving bank denies receiving funds, the proper procedure is for the sending customer to contact their bank to trace and recall the transfer—not to escalate the matter to the CBN or law enforcement.

For the avoidance of doubt, the CBN does not provide correspondent banking services for Nigerian banks in foreign payments and does not hold accounts for private businesses. Any claims that foreign currency inflows are trapped within the CBN are false and misleading.

The public is strongly advised to beware of such fraudulent SWIFT messages. The CBN will take legal action against individuals or businesses making baseless claims of withheld foreign funds.

Tunde Alade

Tunde is a political Enthusiast who loves using technology to impact his immediate community by providing accurate data and news items for the good of the country.

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