CBN refutes allegations of withholding international foreign money transfers 

The Central Bank of Nigeria (CBN) has refuted claims that it’s blocking entry to international foreign money transfers into Nigerians’ accounts.

The apex bank additionally cautioned prospects to be cautious about using faux SWIFT messages throughout international trade (FX) remittances.

This was disclosed in an announcement issued on November 19, 2024, and signed by Hakama Sidi Ali, Appearing Director of Company Communications.

The apex bank famous that it doesn’t present correspondent banking providers for Nigerian banks in international funds nor preserve accounts for personal enterprise entities.

“The Central Bank of Nigeria (CBN) has been inundated with claims by non-public entities, people, legislation companies and authorities businesses that international foreign money funds allegedly transferred to them by international entities have but to be credited to their accounts with Nigerian banks. In some cases, the claimants alleged that the funds have been withheld by both the beneficiary bank in Nigeria or the CBN and requested the help of the Bank in direction of releasing the funds to them,” they said 

The apex bank defined that these claims are sometimes accompanied by SWIFT MT103 and SWIFT acknowledgement (ACK) copies presupposed to function proof of cost.

Nevertheless, the CBN clarified that these paperwork are sometimes faux and untraceable on the SWIFT platform.

“The SWIFT ack copy and SWIFT MT103 that these claimants normally connect as proof of remittance to beneficiary banks in Nigeria are usually not dependable… the funds haven’t been acquired to allow their utility to the beneficiary’s account,” the assertion learn. 

Appropriate procedures for tracing funds 

• The Bank outlined the suitable process for resolving problems with uncredited funds.
• It said that when a recipient bank in Nigeria reviews non-receipt of remitted funds, the sending customer ought to contact their bank to hint the transaction or recall the funds.
• The apex bank famous that escalating such points to the apex bank or legislation enforcement businesses with out following normal procedures is inappropriate and deceptive.

Public advisory 

The CBN emphasised the necessity for warning relating to unauthentic SWIFT paperwork used to make false claims about international foreign money transfers being withheld

“Most people is subsequently suggested to watch out with such unauthentic SWIFT messages and paperwork containing spurious claims of non-application of considerable international foreign money funds allegedly transferred into the beneficiary’s account.  

“The CBN won’t hesitate to report any bank customer making unsubstantiated and illegitimate claims to legislation enforcement businesses for investigation and prosecution,” the Apex Bank warned. 

What it’s best to know 

• The Central Bank of Nigeria (CBN) lately issued a warning towards fraudulent actions involving false claims of contract awards and particular monetary interventions allegedly linked to the Bank.
• The Bank highlighted that it has stopped all direct growth interventions and particular venture funding underneath its present administration focus.
• The CBN emphasised that it has not licensed any public notices relating to interventions on social media or different information platforms, urging Nigerians to ignore such claims.
• Moreover, the Bank reaffirmed its dedication to its core mandates of financial and worth stability, in addition to sustaining a sturdy monetary system.