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CBN Reacts To Reports That Banks Failed Stress Test
CBN Reacts To Reports That Banks Failed Stress Test
The Central Bank of Nigeria (CBN) emphasized the resilience of the Nigerian banking industry, citing that key financial soundness indicators align with regulatory thresholds, as indicated in the CBN’s recent Economic Report of 2023.
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The CBN urged Nigerians to disregard media reports suggesting that some banks failed the Capital Adequacy Ratio stress test for international authorization.
The central bank reaffirmed its commitment to maintaining the stability and integrity of the nation’s financial system.
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“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 Central Bank of Nigeria (CBN) has reassured Nigerians of its commitment to engaging with critical stakeholders to maintain confidence in the Nigerian financial sector.
This statement follows media reports suggesting that certain licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) stress test for international authorization.
The CBN urged the public to disregard such reports, emphasizing that they did not originate from the central bank. The CBN remains focused on upholding the stability and integrity of the nation’s financial system.
“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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