The Central Bank of Nigeria (CBN) has moved to allay concerns amid reports suggesting Nigerian banks are struggling to meet the Capital Adequacy Ratio (CAR) test. In a statement issued by Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, reassurance was given to the banking public regarding the strength of Nigerian banks.
Ali’s statement comes in response to media reports indicating that some Deposit Money Banks had not met the apex bank’s CAR requirements for international authorization, as reported by NAN.
“We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory threshold as captured in the CBN economic report of 2023,” Ali stated.
Furthermore, the CBN is proactively engaging with various critical stakeholders to maintain and bolster confidence in the Nigerian financial sector.
“We, therefore, appeal to Nigerians to disregard media reports listing banks as failing the CAR stress test for international authorization as the report did not emanate from the CBN,” she added.
The CBN’s affirmation underscores the robustness of Nigerian banks and seeks to dispel any concerns or misinformation that may have been circulating in the media.
Nigerians and global stakeholders are encouraged to maintain trust in the strength and stability of the Nigerian banking sector, supported by the regulatory oversight and proactive measures implemented by the Central Bank of Nigeria.
