The Central Bank of Nigeria says the Nigerian banking industry remains resilient as key financial
soundness indicators were within the regulatory thresholds.
The bank in a statement by the acting Director Corporate Communications Hakama Sidi Ali said the indicators were captured in the its most recent Economic Report of 2023 and the CBN is engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.
The clarification, she stated was necessitated by reports in some media outlets suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation.
The regulator appeal to Nigerians to disregard the media reports listing banks as failing the
Capital Adequacy Ratio (CAR) stress test for international authorisation as the report did not
emanate from the Central Bank of Nigeria (CBN).
In another development, the bank has suspended the charging of 2% and 3% processing fees previously charged on all cash deposits above the threshold of N500,000 for individual and N3,000,000 for corporates with immediate effect.
CBN in a circular to all banks, other financial institutions and non-bank financial institutions said the suspension shall remain effective until April 30,2024.
A statement by Dr Adetona Adedeji acting Director of Banking Supervision instructed all financial institutions to accept all cash deposits from the public without any charges going forward.
Recall that the CBN had in a “Guide to Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20,2019 imposed a processing fee of 2% cash deposits above 500,000 Naira and 3% on Corporate deposits above 3,000,000 Naira in a move to deepen cashless transactions.
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