Nigerian banks remain resilient – CBN

… Says there are enough naira notes in circulation.

Paschal Emeka, Abuja / Posted December 11, 2023

The Central Bank of Nigeria (CBN) on Monday said that Nigerian banks remain resilient.

Though there are reports in some quarters that cash are difficult to comeby at Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).

Acting Director of the Corporate Communications Department, CBN, Mrs Sidi Ali, gave the clarification in a statement, saying “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 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.

The statement read: “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.”