The Central Bank of Nigeria (CBN) has denied allegations that it withholds foreign currency transfers into Nigerians’ accounts. The bank clarified that it neither provides correspondent banking services for foreign payments nor maintains accounts for private entities. It warned against relying on fake SWIFT messages, such as MT103 and acknowledgment (ACK) copies, often presented as evidence in such claims.
CBN highlighted that these alleged payment documents are usually fraudulent and untraceable on the SWIFT platform, making it impossible for Nigerian banks to credit funds to beneficiaries. The bank advised individuals experiencing uncredited funds to follow proper channels by contacting their sending banks to trace or recall the funds rather than escalating issues to the apex bank or law enforcement agencies prematurely.
The apex bank issued a public advisory urging caution against fake SWIFT messages used to back false claims of withheld funds. It also warned that any customer found making illegitimate claims could face investigation and prosecution by law enforcement agencies.
