ATM frauds down by 90%, says CBN

The Central Bank of Nigeria has said that the banking sector was on the way to recovery as banks Automated Teller Machine (ATM) frauds reduced by 90 per cent.
The governor of the apex bank and chairman, Steering Committee on Financial System Strategy 2020(FSS2020), Mallam Sanusi Lamido Sanusi, made this known on Wednesday in Abuja at the opening of  the Strategy Execution Master  Class of the FSS 2020.

In the banking sector, he said there had been a drastic drop in the level of non-performing loans adding that there had been structured growth of banks in the areas of capitalisation, capital adequacy and liquidity ratio.
Mallam Sanusi, who said all these were helping to restore confidence in the nation’s economy, stressed that the banks were on the way to recovery.
He further said that the apex bank had put in place the relevant measures to grow the banking sector along the lines of international best practices.
The immediate gains of all these measures, he noted, was the reduction of ATM frauds by about 90 per cent.
Mallam Sanusi stated the apex bank was also deepening the yield curve in the financial markets and the level of transparency, a situation, which he said, had resulted in dramatically rising efficiency  in the markets.