According to the Central Bank of Nigeria's 'Nigeria Payments System Vision 2028' document, Nigerian banks and their customers experienced a significant financial loss of N134.48 billion due to fraud from 2020 to 2025. The report, which is accessible on the apex bank's website, indicates that the total attempted fraud within the banking and payments ecosystem reached N187.79 billion during this period. This data highlights the ongoing challenges related to security and fraud prevention in Nigeria's financial sector.
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