CBN refutes allegations of withholding foreign currency transfers 

The Central Bank of Nigeria (CBN) has refuted claims that it is blocking access to foreign currency transfers into Nigerians’ accounts.

The apex bank also cautioned customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.

This was disclosed in a statement issued on November 19, 2024, and signed by Hakama Sidi Ali, Acting Director of Corporate Communications.

The apex bank noted that it does not provide correspondent banking services for Nigerian banks in foreign payments nor maintain accounts for private business entities.

“The Central Bank of Nigeria (CBN) has been inundated with claims by private entities, individuals, law firms and government agencies that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks. In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested the assistance of the Bank towards releasing the funds to them,” they stated 

The apex bank explained that these claims are often accompanied by SWIFT MT103 and SWIFT acknowledgement (ACK) copies purported to serve as proof of payment.

However, the CBN clarified that these documents are typically fake and untraceable on the SWIFT platform.

“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 statement read. 

Correct procedures for tracing funds 

• The Bank outlined the appropriate procedure for resolving issues of uncredited funds.
• It stated that when a recipient bank in Nigeria reports non-receipt of remitted funds, the sending customer should contact their bank to trace the transaction or recall the funds.
• The apex bank noted that escalating such issues to the apex bank or law enforcement agencies without following standard procedures is inappropriate and misleading.

Public advisory 

The CBN emphasized the need for caution regarding unauthentic SWIFT documents used to make false claims about foreign currency transfers being withheld

“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.  

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

What you should know 

• The Central Bank of Nigeria (CBN) recently issued a warning against fraudulent activities involving false claims of contract awards and special financial interventions allegedly linked to the Bank.
• The Bank highlighted that it has stopped all direct development interventions and special project funding under its current management focus.
• The CBN emphasized that it has not authorized any public notices regarding interventions on social media or other news platforms, urging Nigerians to disregard such claims.
• Additionally, the Bank reaffirmed its dedication to its core mandates of monetary and price stability, as well as maintaining a robust financial system.