CBN Places 6,047 BVNs Under Watch For Fraudulent Transactions, Lists 11,871 Others as Deceased
- Nigeria’s apex bank, the Central Bank of Nigeria has listed about 6,047 BVNs as being under watch
- The bank said the BVNs are under scrutiny for fraudulent transactions of various types
- Also, CBN said about 11,871 BVNs have watch-listed as belonging to deceased persons
About 6,047 Bank Verification Numbers of bank customers have been placed under scrutiny by the Central Bank of Nigeria for fraudulent transactions.
The CBN stated this in its Financial Stability June 2022 report released in December 2022.
Source: Getty Images
CBN discovers violations in 28 banks
The report stated that about 11,871 BVNs have been listed as deceased persons in 2022.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
The bank said it conducted an assessment of 28 banks and the Nigerian Interbank Settlement System (NIBBS) to verify compliance with the BVN regulatory framework for the period under review.
The apex bank stated that the verification revealed some violations and regulatory actions were taken.
The Punch said the report noted that there were 2.72 million BVNs enrolled in the first half of this year, bringing the total number of enrolled BVNs to 54.65 million.
Also, the report said that the number of accounts linked with BVNs was 130.57 million out of 148.46 million active accounts.
The report partly reads:
“Also, 2,722,518 BVNs were enrolled, bringing total BVN enrolment to 54,651,086, reflecting an increase of 5.24 per cent over 51,928,568 enrolments at end-December 2021.
“The number of accounts linked with BVNs was 130,569,656 out of 148,462,947 active customer accounts, while the number of watch-listed BVNs associated with fraud and deceased persons stood at 6,047 and 11,871, respectively.”
Fraud cases in banks increase
Per the report by the apex bank, the total number BVNs placed under watch for fraud increased by 130.09 per cent from 5,347 in December 2021 to 6,047 in June 2022.
About four deposit money banks lost a total of N1.77 billion to fraudulent activities involving the employees of the banks.
CBN Says it spent N800 billion on printing and destruction of naira notes
Legit.ng reported that Central Bank of Nigeria's Deputy Governor of Financial System Stability, Aisha Ahmad, has stated that the bank's spending on maintaining the naira has spiked by N10 billion yearly.
She revealed this on Friday, December 23, 2022, when she appeared before the House of Representatives to defend the bank's new policy on cash withdrawal limits.
She attributed over 90 per cent of currency management costs to the production of naira notes.
Source: Legit.ng
