In a recent statement, the Central Bank of Nigeria (CBN) has moved to assuage any concerns regarding the stability of Nigerian banks. This affirmation comes in response to reports within the Nigerian media suggesting that certain Deposit Money Banks had not met the apex bank’s Capital Adequacy Ratio (CAR) for international authorization.
Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, emphasized the ongoing resilience of the Nigerian banking industry, citing key financial soundness indicators in line with regulatory standards as outlined in the CBN economic report of 2023.
Amidst these reassurances, the CBN is actively collaborating with various stakeholders to bolster confidence in Nigeria’s financial sector. Ali urged Nigerians to dismiss media assertions of banks failing the CAR stress test for international authorization, clarifying that such reports did not originate from the CBN.
This declaration from the CBN serves as a testament to the robustness of Nigeria’s banking landscape, providing a foundation of assurance for both local and international stakeholders. As the nation navigates the intricacies of its financial realm, the transparency and stability of its banking sector remain pivotal in fostering trust and sustaining economic growth.