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CBN says ATM fraud in Nigeria down 90 percent

September 14, 2011

The Central Bank of Nigeria yesterday announced that the banking sector is on its way to recovery with a 90 percent reduction in ATM fraud leading the upturn.

The announcement was made in Abuja at the opening of the Strategy Execution Master Class of the Financial System Strategy 2020, the federal government's ongoing financial reform program, according to the Nigerian Tribune. 

Mallam Sanusi Lamido Sanusi, chairman of the Steering Committee of the FSS 2020, said there had also been a drastic drop in the level of non-performing loans, adding that there had been structured growth of banks in the areas of capitalization, capital adequacy and liquidity ratio.

Sanusi said the growth was helping to restore confidence in the nation’s economy.

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