By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: CBN Cautions Public On Use of Fake SWIFT Messages
Share
Sign In
Notification Show More
Latest News
FG to unveil N50m STEMM grant for student innovation
Business Education Metro News
RTIS board warns of social media impact on children
Education Metro News
Academy urges govt support, celebrates 11th graduation
Education Metro News
Land incentives, govt. partnership crucial to addressing housing deficit — Group
Infrastructure Metro News
Parents hail Global Model Academy at 2025 graduation ceremony
Education Media Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Economy > CBN Cautions Public On Use of Fake SWIFT Messages
BusinessEconomyNews

CBN Cautions Public On Use of Fake SWIFT Messages

Publisher
By Publisher Published November 20, 2024
Share
3 Min Read
SHARE

By Chidi Ugwu

The Central Bank of Nigeria (CBN) on Tuesday warned against fraudulent claims of SWFT Code, threatening to report any unsubstantiated allegations to law enforcement for proper investigations.

Mrs. Hakama Sidi Ali Acting Director, Corporate Communications, in a statement stated that recently, the CBN has been inundated with claims by private entities, individuals, law firms and government agencies 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 the assistance of the Bank towards releasing the funds to them.

“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.

“The SWIFT messages are always not traceable on the SWIFT platform, and the funds have not been received to enable their application to the beneficiary’s account.

“In a situation where a fund transfer beneficiary’s receiving bank claims non-receipt of funds remitted by the foreign entity (sending customer), instead of escalating such issue to CBN or Law Enforcement Agencies, the standard practice is for the sending customer to contact 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 general public is therefore advised 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.

“The CBN will not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution. Please be guided accordingly” reads the statement in part.

Like this:

Like Loading...

Related

You Might Also Like

FG to unveil N50m STEMM grant for student innovation

RTIS board warns of social media impact on children

Academy urges govt support, celebrates 11th graduation

Land incentives, govt. partnership crucial to addressing housing deficit — Group

Parents hail Global Model Academy at 2025 graduation ceremony

TAGGED: CBN, Central Bank of Nigeria, SWIFT Code

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher November 20, 2024
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Ezemonye named vice-chancellors’ committee chairman
Next Article Federal University Gusau Confirms Unizik VC, Odoh’s Professorship
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

FG to unveil N50m STEMM grant for student innovation
Business Education Metro News July 26, 2025
RTIS board warns of social media impact on children
Education Metro News July 26, 2025
Academy urges govt support, celebrates 11th graduation
Education Metro News July 26, 2025
Land incentives, govt. partnership crucial to addressing housing deficit — Group
Infrastructure Metro News July 26, 2025

You Might also Like

BusinessEducationMetroNews

FG to unveil N50m STEMM grant for student innovation

July 26, 2025
EducationMetroNews

RTIS board warns of social media impact on children

July 26, 2025
EducationMetroNews

Academy urges govt support, celebrates 11th graduation

July 26, 2025
InfrastructureMetroNews

Land incentives, govt. partnership crucial to addressing housing deficit — Group

July 26, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d