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FEDERAL RESERVE BANK OF NEW YORK [ C irc u la r No. 10522 ~| M arch 12, 1992 FRAUDULENT CHECKS AND DRAFTS To All Banks in the Second Federal Reserve District, and Others Concerned: In recent months a num ber of large-dollar-value checks and drafts purportedly drawn by the “Governm ent of the Federal Republic of N igeria” and/or the “Central Bank of N igeria” have been presented to us for payment. These instrum ents indicate that they are drawn on or payable at this Bank. In all instances, the Central Bank of N igeria has confirm ed to us that the instrum ents are fraudulent. Unrelated to these instances of fraud, as we have previously inform ed foreign governm ents and foreign central banks, effective March 2, 1992, such governments and central banks no longer draw checks on their accounts with this Bank. This change does not, however, apply to checks drawn on the accounts at this Bank of official international financial organizations in connection with prin cipal and interest paym ents on their securities. In view of the above, we suggest that banks exercise due caution in handling checks and drafts purportedly drawn on or payable at this Bank by foreign governments and foreign central banks. We also suggest that you notify your foreign branches and correspondents about the fraudulent N igerian instrum ents. Questions on these matters may be directed to Frank Reischach, Manager, Foreign Relations D epartm ent (Tel. No. 212-720-5679) E. G erald C o r r ig a n , President.
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