Nigerian banks remain resilient says CBN

The Central Bank of Nigeria (CBN) said the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholds as captured in its most recent Economic Report of 2023.

This was disclosed in a statement signed by Sidi Ali Hakama, acting director of corporate communications, following 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.

Read also CBN suspends processing fees on cash deposits

“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 engages with critical stakeholders to sustain confidence in the Nigerian financial sector.

We, therefore, appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio stress test for international authorisation as the report did not emanate from the CBN.