Abuja, Dec. 11, 2023 – The Central Bank of Nigeria (CBN) says the Nigerian banking industry is still strong and resilient.
It said banks were meeting up with the different regulatory requirements.
Mrs. Hakama Sidi Ali, the CBN Acting Director of Corporate Communications, said these on Monday in a statement titled “CBN Assures That Nigerian Banks Remain Resilient.”
The CBN said that some media reports that some Nigerian banks had failed the Capital Adequacy Ratio (CAR) stress test for international authorisation should be ignored.
“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).”
