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.

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“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.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.