CBN Dismisses CAR Failure Reports, Says Nigerian Banks Strong

The Central Bank of Nigeria (CBN) has assured the banking public that Nigerian banks are buoyant.

The CBN said this in a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi Ali.

Ali’s statement was informed by reports in sections of the Nigerian media that some Deposit Money Banks had failed the apex bank’s Capital Adequacy Ratio (CAR) for international authorisation.

“We wish to clarify that the Nigerian banking industry remains resilient as key financial soundness indicators were within the regulatory threshold as captured in the CBN economic report of 2023.

“Furthermore, the CBN is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.

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“We, therefore, appeal to Nigerians to disregard media reports listing banks as failing the CAR stress test for international authorisation as the report did not emanate from the CBN,’’ she said.

(NAN)