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Home Business News

Nigerian banks are stronger than ever – CBN 

Titobioluwa Okunade by Titobioluwa Okunade
October 22, 2019
in Business News
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CBN Governor, Godwin Emefiele

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The Central Bank of Nigeria (CBN) has declared all Nigerian banks strong and healthy even though some of them failed their routine stress tests.

The CBN Governor, Godwin Emefiele, explained in a press conference at the International Monetary Fund /World bank annual meetings, that the operators in the sector remain strong and the apex bank would not relent in ensuring that banks continue to meet up with the benchmarks it has set.

[READ MORE: CBN intervenes with $8.28 billion to defend Naira]

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He also said that when a bank is found wanting on any of the parameters, it encourages the bank to improve on the parameter in question.

“Stress testing has become part of our normal routine in trying to check the health of all the banks in the industry.

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“So what you will find is that from time to time, if one bank fails one ratio, we advise the bank to improve on that ratio or if its capital adequacy or liquidity or prudential ratios that we prescribe to the banking industry.”

He further explained that the failure of the stress test has nothing to do with whether any of the concerned banks are weak enough for it to lead to a systemic crisis in the banking industry

“So the fact that you read that seven banks failed stress test does not mean that those banks are weak but what we are saying is that if Bank A fails liquidity, then we tried to address it with that bank.

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“So it has nothing to do with the weakness of any bank that would lead to panic or systemic crisis in the banking industry.”

[READ ALSO: CBN moves to tighten regulations on Fintech firms]

The Backstory: In an earlier report released by the CBN last Thursday, it was stated that seven banks failed the apex bank’s stress test which raised concerns about their health.

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Tags: Central Bank of NigeriaGodwin EmefieleNigerian Banks

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