The Central Bank of Nigeria (CBN) has swiftly moved to assure the public that the country’s financial institutions remain robust and resilient.
Contrary to reports suggesting failures in the Capital Adequacy Ratio (CAR) for international authorization, the CBN has clarified that these claims are unfounded.
According to the CBN’s most recent Economic Report of 2023, key financial soundness indicators within the Nigerian banking industry are well within the regulatory thresholds.
This reaffirms the strength of the sector and dispels any concerns regarding the Capital Adequacy Ratio.
In a statement released on Monday December 11, 2023, Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications at CBN, emphasized that the central bank is actively engaging with various stakeholders to bolster confidence in the nation’s financial sector.
The CBN is committed to fostering a positive and secure banking environment, ensuring the stability of financial institutions and safeguarding the interests of depositors.
Mrs. Hakama urged Nigerians to disregard the media reports that listed certain banks as failing the CAR stress test for international authorization, clarifying that such information did not originate from the Central Bank of Nigeria.
The appeal underscores the importance of relying on official communications from authoritative sources to maintain accurate and informed perspectives on the state of the banking industry.
As the CBN continues its efforts to fortify the financial landscape, the public is encouraged to remain confident in the resilience of Nigerian banks, with the assurance that the central bank is diligently overseeing the sector’s stability and regulatory compliance.