CBN Cautions Public on Fake SWIFT Messages in Foreign Currency Transactions

The Central Bank of Nigeria (CBN) has cautioned the public regarding the rising incidents of fake SWIFT messages and documents being used to deceive individuals and organizations.

The Apex Bank said it received numerous claims from private entities, individuals, law firms, and government agencies alleging that foreign currency funds transferred from foreign entities have not been credited to their accounts with Nigerian banks.
These claims ,it said, were often supported by fake documents, including SWIFT MT103 and SWIFT Ack copies.

However, CBN investigations have revealed that these documents are not reliable, and the SWIFT messages cannot be traced on the SWIFT platform.

Meanwhile the funds have not been received, making it impossible to apply them to the beneficiary’s account.

Investigations revealed further that in cases where a fund transfer beneficiary’s receiving bank claims non-receipt of funds, the standard practice is for the sending customer to contact the sending bank to initiate a tracer to locate the funds and recall them if necessary.

The CBN avers that it does not provide correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.

Accordingly, claims that the CBN is holding foreign currency funds meant for private business entities are false and misleading.

The public is therefore advised to very careful when dealing with SWIFT messages and documents containing claims of non-application of foreign currency funds.
In a statement, CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, cautions the public to be guided accordingly and urged individuals and organizations to verify the authenticity of SWIFT messages and documents before taking any action

The CBN threatens that it will report any individual or organization making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.
By raising this red flag, the CBN aims to prevent individuals and organizations from falling victim to fraudulent schemes and ensure that foreign currency transactions are conducted securely and efficiently.