CBN warns against fake 'Swift' messages

.Decries deceptive claims on foreign fund transfers

The Central Bank of Nigeria (CBN) has issued a stern warning to the general public, urging caution against fraudulent ‘Swift’ messages and unsubstantiated claims regarding foreign currency transfers allegedly withheld by Nigerian banks or the apex bank itself.

The bank also stated its readiness to involve law enforcement agencies to investigate and prosecute individuals making illegitimate allegations.

The warning follows a surge in petitions from private individuals, law firms, government agencies, and private entities claiming that foreign currency funds sent to their accounts by foreign entities have not been credited. These claims are often accompanied by fake documents such as SWIFT MT103 and SWIFT acknowledgment (ACK) copies, purportedly as proof of remittance.

In a statement signed by Hakama Sidi Ali, acting director of corporate communications, the CBN described these documents as unreliable, emphasising that they cannot be traced on the Swift platform. “The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible,” the statement read.

Related News

The apex bank clarified the standard procedure for addressing issues of non-receipt of funds, advising that the sender, rather than escalating the matter to the CBN or law enforcement agencies, should request the sending bank to trace the funds through a formal tracer process.

Ali categorically dismissed claims that the CBN provides correspondent banking services or maintains accounts for private business entities.

“For the avoidance of doubt, the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities. Consequently, the claim that alleged inflows are trapped within the CBN is both spurious and deceitful,” she said.

The bank urged Nigerians to remain vigilant, warning that any individual or organisation found making unfounded and illegitimate claims would face severe legal consequences.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.