CBN urges Nigerians to disregard reports banks failed stress test

The Central Bank of Nigeria (CBN) has stated that the banking sector in Nigeria is still robust and that important financial soundness metrics fall within regulatory bounds.

Therefore, it made a plea to Nigerians not to believe allegations in the media that claimed certain banks had failed the Capital Adequacy Ratio stress test required for international authorization.

This was disclosed by the apex bank in a statement that was published on its website on Monday, December 11, 2023, and was signed by Ali Sidi Ali, its spokesperson.

“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.

In order to maintain the degree of trust in the Nigerian financial industry, the CBN gave Nigerians the assurance that it is interacting with a number of important players.

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This guarantee is in reaction to reports in certain media outlets that certain commercial banks in the nation with licences had not met the Capital Adequacy Ratio requirements set by the CBN in order to be authorised internationally.

The Central Bank of Nigeria (CBN) urged Nigerians to ignore media reports that claimed certain banks had failed the CAR stress test required for international authorization, since the allegation did not come from the CBN.

“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.

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