CBN Alerts Nigerians About Fraudulent Claims On Foreign Currency Transfers

CBN Alerts Nigerians About Fraudulent Claims On Foreign Currency Transfers

The Central Bank of Nigeria (CBN) has issued a warning to the public about fraudulent “Swift” messages and misleading claims regarding foreign currency transfers, particularly those involving the dollar, euro, and pound. The advisory follows an increase in complaints from individuals,…READ MORE…

law firms, and organizations alleging that foreign currency deposits sent to their accounts from abroad have not been credited.

In a statement issued on Wednesday by Hakama Sidi Ali, the acting director of corporate communications, the CBN clarified that these complaints are often backed by fake documents, such as counterfeit SWIFT MT103 forms and acknowledgment copies, which cannot be traced on the Swift platform.

The CBN further emphasized that such funds have not been received by the beneficiary banks, making the claims of withheld payments unfounded. The bank also reiterated that it does not provide correspondent banking services or maintain accounts for private businesses, making the allegation that funds are trapped at the CBN false.

The CBN urged Nigerians to be cautious and advised that any person or entity found making these baseless claims will face legal action. The bank also recommended that those facing issues with non-receipt of funds should have the sending bank trace the payment through a formal process rather than escalate the matter to the CBN or law enforcement.

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