Connect with us

Business

Clarification on Nigerian Banks’ CAR Test Results by CBN

Published

on

In response to recent reports in the Nigerian media about certain Deposit Money Banks failing the Capital Adequacy Ratio (CAR) for international authorization, the Central Bank of Nigeria (CBN) has reassured the public about the stability of Nigerian banks.

Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, issued a statement addressing the concerns and emphasized that the Nigerian banking industry remains strong. Ali highlighted that critical financial soundness indicators were well within the regulatory threshold as indicated in the CBN economic report of 2023.

The statement further mentioned that the CBN is actively engaging with various stakeholders to uphold confidence in the Nigerian financial sector and urged Nigerians to disregard media reports claiming that banks had failed the CAR stress test for international authorization, noting that such reports did not originate from the CBN.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending