Finance

Nigerian Banks Remain Resilient -CBN Says

The Central Bank of Nigeria (CBN) has clarified that the Nigerian banking industry remains resilient, contrary to reports that some banks failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation.

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CBN Ag. Director, Corporate Communications, Mrs. Sidi Ali, Hakama who made the clarification in a statement on Monday said, the industry’s key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023.

The apex bank’s reaction was in response to the 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.

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The Director said, “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)”, she said.

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