Business and Economy

CBN gives assurance on the stability and resilience of Nigerian banks

The Central Bank of Nigeria (CBN) has been aware of claims in some media outlets indicating that certain commercial banks in the nation with licenses have not met the CBN’s Capital Adequacy Ratio (CAR) requirements for international authorization.

The Central Bank wants to make it clear that, according to the CBN’s most recent Economic Report for 2023, important financial soundness indices were within regulatory levels, indicating that the Nigerian banking sector is still robust.

In addition, the CBN is interacting with a number of important parties in order to maintain the degree of trust in the Nigerian banking industry. Because the report did not originate from the Central Bank of Nigeria, we thus urge Nigerians to ignore media claims that list banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorization.

Signed Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications, Central Bank of Nigeria (CBN) Read the press release here

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