The Central Bank of Nigeria (CBN) has advised the public to be careful of fake ‘Swift’ messages and false statements about foreign money transfers being held back by Nigerian banks or the CBN. It warned that law enforcement agencies would investigate and prosecute individuals making such illegitimate allegations.
This follows a rise in complaints from individuals, law firms, and companies have been complaining about not receiving their foreign currency funds, often with fake documents like SWIFT MT103 and SWIFT acknowledgment copies. The CBN said these documents can’t be checked or traced on the SWIFT system and that the banks never got the money.
Hakama Sidi Ali, the Acting Director of Corporate Communications, said in a statement that the central bank does not offer services for foreign payments or hold accounts for private businesses. Ali emphasised that the idea that money is stuck inside the CBN is both false and misleading.
The CBN advised affected individuals with issues should work with the bank that sent the money to track it using the official tracing process, instead of going directly to the central bank or law enforcement.
The bank also warned Nigerians to be careful, stating that anyone spreading false information would face serious legal consequences.
