Fraud remains a serious challenge in Nigeria's banking industry, impeding economic progress and waning public trust. This paper investigates the potential of blockchain technology in tackling fraud concerns, concentrating on how it might promote transparency and create a verified system of transactions. This research also explores the challenges to blockchain use and gives solutions for policy and practice in Nigeria. The technique adopted studied relevant literature and data from Nigerian financial institutions were analyzed. The findings collected from this study will supply essential information for financial institutions and regulators, helping to build future strategies for combating financial fraud through emerging technology like blockchain.