CBN Warns Against Use of Fraudulent SWIFT Messages

The Central Bank of Nigeria (CBN) has issued a stern warning to bank customers who utilize unreliable SWIFT messages for dubious purposes, threatening legal action against those making unsubstantiated foreign currency transfer claims.

In a statement signed by Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank revealed it has been overwhelmed with claims from various entities alleging non-receipt of foreign currency transfers. These claims, often supported by fake SWIFT MT103 messages and acknowledgment copies, have prompted the CBN to take a firm stance against such practices.

“The SWIFT messages are always not traceable on the SWIFT platform, and the funds have not been received to enable their application to the beneficiary’s account,” the CBN stated, emphasizing that these documents are unreliable proof of fund transfers.

The bank clarified its role in foreign transactions, stressing that it neither provides correspondent banking services for Nigerian banks nor maintains accounts for private business entities. Instead of escalating such matters to the CBN or law enforcement agencies, the bank advised that the standard practice requires sending customers to contact their banks to trace and recall hanging funds.

The CBN warned that it would not hesitate to report individuals or entities making illegitimate claims to law enforcement agencies for investigation and prosecution. This move comes as part of efforts to maintain integrity in Nigeria’s foreign currency transfer system and combat fraudulent financial practices.

The regulatory body has urged the public to exercise caution when dealing with SWIFT messages and documents containing claims of substantial foreign currency transfers, emphasizing the importance of following proper channels for resolving genuine transfer issues.