CBN denies claims of withholding FX transfers
The Central Bank of Nigeria has refuted allegations that it is hindering Nigerians from transferring money into their accounts.
The CBN also cautioned customers to be careful when sending fake SWIFT messages that may arise during foreign exchange remittances.
The apex bank shared this information in a statement released on Tuesday, bearing the signature of the acting Director of Corporate Communications, Hakama Sidi Ali.
The CBN clarified that it does not maintain accounts for private enterprises or provide correspondent banking services for Nigerian banks engaged in international transfers.
“The Central Bank of Nigeria (CBN) has been overwhelmed with claims made by private entities, individuals, law firms, and government institutions asserting that foreign currency funds supposedly sent to them by foreign entities have not been credited to their Nigerian bank accounts. In certain cases, the claimants accused either the beneficiary bank in Nigeria or the CBN of withholding the funds and sought the Bank's assistance in releasing those funds to them,” it mentioned.
As stated by the apex bank, these claims are often backed by copies of SWIFT acknowledgments (ACK) and SWIFT MT103, which are purportedly presented as confirmation of payment.
The CBN indicated that these documents are typically fraudulent and untraceable within the SWIFT system.
“The SWIFT ack copy and SWIFT MT103 that claimants commonly provide as proof of remittance to beneficiary banks in Nigeria are not trustworthy… the funds have not been received, which prevents their application to the beneficiary’s account,” the statement noted.
The Bank offered guidance on how to manage issues related to uncredited funds.
It recommended that the sending customer contact their bank to monitor the transaction or recall the funds.
The CBN stressed the necessity of being cautious when handling fraudulent SWIFT documents that are used to create claims regarding withheld foreign exchange payments.
“The general public should therefore be wary of such inauthentic SWIFT messages and documents featuring false claims of unallocated significant foreign currency funds that were allegedly transferred into the beneficiary’s account.
The CBN will take action to report any bank customer making unfounded and illegitimate claims to law enforcement authorities for investigation and prosecution,” the CBN warned.
Recently, the Central Bank of Nigeria has issued a caution against fraudulent schemes involving false assertions of contract awards and special financial interventions seemingly associated with the Bank.
The bank highlighted that, as part of its current management focus, it has halted sponsorship of special projects and direct developmental interventions.
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