The Central Bank of Nigeria (CBN) has raised the alarm over a significant rise in financial fraud cases in the country, revealing that fraud surged by 45% within one year, with 70% of the resulting losses traced to digital channels, particularly unregulated virtual asset platforms.
This was disclosed by the CBN Governor, Olayemi Cardoso, in a speech delivered on his behalf by Muhammad Sani Abdullahi, Deputy Governor for Economic Policy, at a public lecture organized by the Economic and Financial Crimes Commission (EFCC) on Thursday, July 10, 2025, in Abuja.
He added that findings from the CBN’s Financial Stability Report 2024 reveal a sharp increase in fraud
