The Central Bank of Nigeria (CBN) has advised bank customers
to be cautious about the use of fake SWIFT messages during foreign exchange
(FX) remittances.
SWIFT messages are sent through the Society for Worldwide
Interbank Financial Telecommunication network to facilitate financial
transactions between banks and financial institutions.
The CBN gave the warning in a statement signed by Hakama
Sidi-Ali, its acting director of corporate communications department, on
Tuesday in Abuja.
The apex bank said it had been inundated with claims by some
stakeholders about the conclusion of foreign currency transfer to their Nigeria
bank accounts.
According to Sidi Ali, stakeholders like private entities,
individuals, law firms, and government agencies complained 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 assistance towards releasing the funds to them,” She said.
“The requests are usually supported with fake documents such
as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy
and SWIFT MT103 that these claimants usually attach as evidence of remittance
to beneficiary banks in Nigeria are not reliable.”
Sidi Ali added that the SWIFT messages are always not
traceable on the SWIFT platform and the funds are not received to enable their
application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary receiving
bank claims non-receipt of funds remitted by the foreign entity, the standard
practice is for the sending customer to contact the sending bank.
“The purpose for the sending bank to send a tracer to trace
where the fund is hanging and recall it.
“For the avoidance of doubt, we wish to state emphatically
that the CBN neither provides correspondent banking services for Nigerian banks
in foreign payments nor maintains accounts for private business entities.
“Consequently, petitioners’ claim that the alleged expected
inflows for onward credit into the accounts of private business entities are
trapped in the CBN is not only spurious but deceitful.”
The CBN spokesperson urged the general public 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.
She also warned that the CBN would not hesitate to report
any bank customer making unsubstantiated and illegitimate claims to law
enforcement agencies for investigation and prosecution.
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