Nigerian banks are resilient, CBN assures

The Central Bank of Nigeria, CBN, has assured that the Nigerian banks are resilient and meeting up with the different regulatory requirements in the country.

A statement titled: “CBN Assures That Nigerian Banks Remain Resilient” signed by the apex bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, dismissed as untrue reports about Nigerian banks failing the Capital Adequacy Ratio (CAR), stressing that the test for international authorization should be ignored.

The statement stated that, “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports in some media outlets suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation.

“We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023.

“Furthermore, the CBN is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.

“We, therefore, appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria (CBN).”