CBN warns public about fake SWIFT messages concerning foreign currency transfers

The Central Bank of Nigeria (CBN) has issued a cautionary statement urging the public to be wary of fraudulent SWIFT messages claiming to be related to foreign exchange remittances to Nigerian bank accounts.

The warning was issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, on Tuesday in Abuja.

Sidi-Ali explained that the apex bank had received numerous complaints from various stakeholders—including private individuals, law firms, government agencies, and private entities—who alleged that foreign currency transfers to their Nigerian accounts had not been credited, despite claims from foreign entities of successful transactions.

In some cases, these complainants have claimed that the funds were either withheld by Nigerian banks or the CBN itself.

These claims are typically supported by documents, such as SWIFT MT103 and SWIFT acknowledgment copies, which the CBN says are often fake and unreliable.

“These SWIFT messages are not traceable on the SWIFT platform, and no funds have been received by the beneficiary bank in Nigeria,” Sidi-Ali stated.

“In such cases, the appropriate course of action for the sending party is to contact their bank to initiate a trace on the funds and, if necessary, request a recall of the transfer.”

The CBN further clarified that it does not provide correspondent banking services for foreign transactions, nor does it maintain accounts for private business entities.

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Therefore, the central bank dismissed claims that foreign currency inflows intended for private business accounts were being “held” by the CBN as unfounded and deceptive.

Sidi-Ali also urged the public to exercise caution when receiving SWIFT messages or related documents alleging non-receipt of funds, warning that such fraudulent claims could lead to serious legal consequences.

The CBN emphasized its commitment to taking appropriate legal action against individuals or entities making false claims, including reporting them to law enforcement agencies for investigation and prosecution.

National Daily Newspaper  notes that SWIFT messages are used globally to facilitate financial transactions between banks and financial institutions.