CBN says Nigerian banks resilient; suspends deposit charges
The Central Bank of Nigeria on Monday dismissed reports alleging that some licensed commercial banks in the country failed to meet the Capital Adequacy Ratio, (CAR).
A statement by the bank’s spokesperson, Sidi Hakama, said that key financial soundness indicators which reflect the stability and resilience of the sector, as detailed in its most recent Economic Report of 2023, remain well within the regulatory thresholds.
The adequacy ratio offers a swift assessment of whether a bank holds sufficient funds to offset potential losses and maintain solvency amid challenging financial conditions.
“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 said.
READ ALSO: Court acquits couple accused of operating illegal bank
The apex bank added that it is actively collaborating with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.
The CBN reassured Nigerians of the strength and reliability of the banking industry, urging them to rely on official communications from the CBN for accurate information.
Cash deposit
Meanwhile, the bank also on Monday announced the suspension of cash deposit processing fees above N500,000 until April 2024.
This was disclosed in a circular signed by Adetona Adedeji, CBN acting director of banking supervision.
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2 percent and 3 percent previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024,” the circular reads.
The CBN had on 18 September 2019 introduced a 3 per cent processing fee for withdrawals and 2 per cent for deposits of amounts above N500,000 for individual accounts to promote cashless transactions.
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The Central Bank of Nigeria on Monday dismissed reports alleging that some licensed commercial banks in the country failed to meet the Capital Adequacy Ratio, (CAR).
A statement by the bank’s spokesperson, Sidi Hakama, said that key financial soundness indicators which reflect the stability and resilience of the sector, as detailed in its most recent Economic Report of 2023, remain well within the regulatory thresholds.
The adequacy ratio offers a swift assessment of whether a bank holds sufficient funds to offset potential losses and maintain solvency amid challenging financial conditions.
“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 said.
READ ALSO: Court acquits couple accused of operating illegal bank
The apex bank added that it is actively collaborating with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector.
The CBN reassured Nigerians of the strength and reliability of the banking industry, urging them to rely on official communications from the CBN for accurate information.
Cash deposit
Meanwhile, the bank also on Monday announced the suspension of cash deposit processing fees above N500,000 until April 2024.
This was disclosed in a circular signed by Adetona Adedeji, CBN acting director of banking supervision.
“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2 percent and 3 percent previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024,” the circular reads.
The CBN had on 18 September 2019 introduced a 3 per cent processing fee for withdrawals and 2 per cent for deposits of amounts above N500,000 for individual accounts to promote cashless transactions.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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