CBN denies blocking FX transfers, warns of fake SWIFT documents in currency claims

The Central Bank of Nigeria (CBN) has firmly refuted circulating claims that it is obstructing the transfer of foreign currency into Nigerians’ accounts.

In an official statement dated November 19, 2024, signed by Acting Director of Corporate Communications Hakama Sidi Ali, the apex bank clarified its position and warned the public against fraudulent practices involving counterfeit SWIFT messages in foreign exchange (FX) transactions.

The CBN emphasized that it does not provide correspondent banking services for Nigerian banks or maintain accounts for private entities conducting foreign payments.

This clarification was prompted by an influx of complaints from individuals, private businesses, law firms, and government agencies alleging delays or non-receipt of foreign currency transfers supposedly withheld by either Nigerian banks or the CBN itself.

In its statement, the CBN pointed out that many of these claims were accompanied by documents such as SWIFT MT103 forms and SWIFT acknowledgment (ACK) copies, which were cited as proof of payment.

However, the apex bank noted that these documents are often fraudulent and untraceable on the legitimate SWIFT network.

The CBN explicitly stated: “The SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable… the funds have not been received to enable their application to the beneficiary’s account.” The bank highlighted that such claims create confusion and mislead the public, undermining trust in the banking system.

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The CBN provided detailed instructions on how to resolve issues of uncredited foreign currency transfers.

It urged that when a recipient bank in Nigeria reports the non-receipt of funds, the customer who initiated the transfer should work with their sending bank to trace or recall the transaction.

The apex bank underscored that bypassing these procedures and escalating cases directly to the CBN or law enforcement without following the correct protocols is inappropriate and can lead to unnecessary complications.

Reiterating the need for vigilance, the CBN advised the general public to be cautious when presented with unauthentic SWIFT documents that claim foreign currency funds have not been applied to beneficiary accounts.

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The statement read: “The general public is therefore advised to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.”

To safeguard the integrity of financial transactions, the CBN warned that any customer making baseless or illegitimate claims would face scrutiny and potential legal consequences.

“The CBN will not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution,” it added.