Nigeria’s banking system robust, resilient — CBN

The Central Bank of Nigeria has said the country’s banking system remains strong and resilient despite economic headwinds.

The Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, stated this in Abuja during the CBN Special Day at the ongoing 20th Abuja International Trade Fair.

She was represented by the Head of the Communication Management and Strategy Division, Mr Ibrahim Abbas.

She said the apex bank had continued to implement measures to safeguard financial stability and address vulnerabilities in the economy

According to her, most financial soundness indicators are within prudential benchmarks, while banks are meeting recapitalisation targets set by the regulator.

“The CBN has continued to address pockets of macroeconomic challenges confronting the Nigerian economy, ensuring that the banking system remains robust and resilient, with most financial soundness indicators staying within their respective prudential benchmarks.

“As recently disclosed by the CBN Governor, fourteen banks have met their recapitalisation requirements. The Bank is also closely monitoring the remaining banks to ensure the successful completion of the exercise,” she said.