Ignore reports that banks failed stress test, CBN tells Nigerians

The Central Bank of Nigeria has said that 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.

It, therefore, appealed to Nigerians to disregard media reports listing some banks as failing the Capital Adequacy Ratio stress test for international authorisation.

The apex bank made this known in a statement signed by its spokesperson, Ali Sidi Ali, and posted on its website on Monday,  December 11, 2023.

“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 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.

The CBN  appealed to Nigerians to disregard the media reports listing banks as failing the CAR stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria.

“We appeal to Nigerians to disregard the media report listing banks as failing the Capital Adequacy Ratio stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria,” the statement read.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]