CBN Warns Nigerians Over Surge in Fraudulent Foreign Currency Transfer Claims

The Central Bank of Nigeria (CBN) has issued a stern warning to Nigerians about a rising trend of fraudulent foreign currency transfer claims, urging the public to be cautious of falsified SWIFT documents used to support these allegations.

In a statement on Tuesday, the bank confirmed it has been receiving numerous complaints from individuals, businesses, law firms, and government agencies claiming that foreign funds transferred to their accounts have not been credited.

According to CBN’s Acting Director of Corporate Communications, Mrs. Hakama Ali, the complaints are often accompanied by fake SWIFT MT103 forms and unverified SWIFT acknowledgment copies that falsely indicate the funds have been sent but were not actually transferred.

“The claims we are receiving often involve fake SWIFT messages that cannot be verified on the SWIFT platform, indicating that no funds were ever received by the beneficiaries,” the statement read.

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“This practice has become increasingly common, and it is imperative that Nigerians remain vigilant to avoid falling victim to these schemes.”

The CBN further clarified that it does not provide correspondent banking services for Nigerian banks nor hold accounts for private businesses. It emphasized that claims suggesting funds are “trapped” at the CBN are misleading and false.

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The bank stressed that when issues arise regarding non-receipt of funds, the proper course of action is for the sender’s bank to trace the payment through the SWIFT system and resolve the issue directly with the sending bank.

It warned that unsubstantiated claims or the wrongful escalation of such matters to the CBN or law enforcement could lead to further complications, including legal consequences.

The CBN urged Nigerians with genuine cases of missing foreign funds to follow the appropriate channels, ensuring that their concerns are directed to the relevant financial institutions for proper investigation and resolution.