The Central Bank of Nigeria (CBN) has disclosed that fraudsters have reportedly stolen about N134 billion from banks and customers, raising concerns over the increasing sophistication of financial crimes in the country.

The apex bank said the losses reflect a growing threat to Nigeria’s financial system, particularly as digital banking channels expand across the country.

According to the CBN, a significant portion of the fraudulent activities is linked to electronic transactions, identity theft, and cyber-related scams targeting unsuspecting customers.

The regulator warned that financial institutions must strengthen their cybersecurity frameworks and improve customer awareness to reduce exposure to fraud risks.

It also stressed the need for collaboration between banks, law enforcement agencies, and technology providers to track and prevent fraudulent activities more effectively.

Industry experts say the rising fraud cases highlight the double-edged nature of digital financial inclusion, which expands access while also increasing vulnerability to cybercrime.

The CBN noted that it is working with stakeholders to introduce stricter compliance measures and enhance monitoring systems across the banking sector.

Customers have been urged to exercise caution, protect their personal banking information, and report suspicious transactions promptly.

Analysts say addressing the challenge will require sustained investment in cybersecurity infrastructure and continuous public education campaigns.

The development underscores ongoing efforts to strengthen trust and security within Nigeria’s rapidly evolving financial ecosystem.