The Central Bank of Nigeria has denied the media reports listing some banks as failing the Capital Adequacy Ratio stress test for international authorisation, saying the Nigerian banking industry remains resilient and that key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023.
The apex bank, while making this known in a statement signed by its spokesperson, Ali Sidi Ali, and posted on its website on Monday, December 11, 2023, said, “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,” the document stated.
The CBN, while appealing to Nigerians to disregard the media reports, however, assured Nigerians that it is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.
This assurance comes in response to reports in some media outlets suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio for international authorisation.