The Central Bank of Nigeria (CBN) has issued a strong warning to the public, advising caution against deceptive claims regarding foreign currency transfers allegedly withheld by Nigerian banks or the CBN itself. The warning comes in response to a growing number of petitions from individuals, law firms, government agencies, and private entities who claim that foreign funds sent to their accounts have not been credited.
These claims are often accompanied by fabricated documents, such as SWIFT MT103 and SWIFT acknowledgment (ACK) copies, which the CBN asserts are unreliable and unverifiable. According to the central bank, these documents cannot be traced on the SWIFT platform, and the funds in question have not been received by the beneficiary banks, making it impossible for them to be credited to the respective accounts.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized that the proper procedure for addressing issues of non-receipt of funds is for the sender to request their bank to trace the payment through a formal tracer process, rather than escalating the issue to the CBN or law enforcement.
The CBN also took the opportunity to categorically dismiss the claims that it provides correspondent banking services or holds accounts for private business entities. Ali clarified, “The CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities. Therefore, any suggestion that alleged inflows are trapped within the CBN is both unfounded and fraudulent.”
The central bank further warned that individuals or organizations found making baseless allegations would face legal action, including prosecution. The CBN’s statement underscores its commitment to protecting the financial system from fraud and ensuring that public confidence in the banking sector remains intact.