Nigeria's banking sector loses N134.48bn to fraud, CBN reports

The Central Bank of Nigeria (CBN) disclosed that banks and their customers lost a total of N134.48 billion to fraud between 2020 and 2025, out of N187.79 billion in attempted fraud across the period. Losses rose each year, reaching a peak of N52.26 billion in 2024 – about 39 % of the six‑year total – after a major internal fraud case involving N30 billion disrupted the industry. Fraud was recorded across mobile banking, internet banking, ATMs, POS terminals, e‑commerce platforms and other electronic channels. In 2025, both attempted fraud and actual losses fell to N37.57 billion and N25.85 billion respectively, following stricter regulations, stronger industry collaboration and enhanced monitoring. The CBN said its Payments System Vision 2028 will emphasize stronger cybersecurity, consumer protection and regulatory oversight to curb increasingly sophisticated fraud schemes.