The Central Bank of Nigeria has assured the public that the Nigerian banking industry is strong and that banks are meeting various regulatory requirements.
According to Nairametrics, reports claiming that Nigerian banks are failing the Capital Adequacy Ratio stress test for international authorization ought to be disregarded, according to a statement titled “CBN Assures That Nigerian Banks Remain Resilient” and signed by the bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
According to the press release, “The Central Bank of Nigeria has been alerted to reports in certain media outlets indicating that certain commercial banks in the nation with licenses have not met the CBN’s Capital Adequacy Ratio requirements for international authorization.
“As stated in the CBN’s most recent Economic Report for 2023, “We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory thresholds.
“In addition, the CBN is interacting with a number of important stakeholders in order to maintain the degree of trust in the Nigerian financial sector.
“Therefore, since the media reports did not originate from the Central Bank of Nigeria, we are pleading with Nigerians to ignore reports that banks have failed the Capital Adequacy Ratio stress test for international authorization.”
Some news platforms had previously reported that certain Nigerian banks had failed the Capital Adequacy Ratio test.
This sequence of events began with the CBN Governor’s speech at the 58th CIBN Annual Dinner, where he revealed ideas for a recapitalization program for Nigerian banks.
Consequently, the capital adequacy ratio and capital base of these banks have been the subject of in-depth discussions and debates.
