CBN debunks report of failing capital adequacy in Nigerian banks

"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"

Samuel AkpanDecember 11, 20231 Mins read1.8k

The Central Bank of Nigeria (CBN) has urged Nigerians to disregard reports listing Nigerian banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorization.

The apex bank in a statement emailed to Persecond News on Monday, said Nigerian banks remain resilient, and that the CBN “is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.”

The statement reads: “The attention of the Central Bank of Nigeria (CBN) has been drawn to 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.

“We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholdsas captured in the CBN’s most recent Economic Report of 2023.

“We, therefore,appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisationas the report did not emanate from the Central Bank of Nigeria (CBN).”