THE Central Bank of Nigeria (CBN) has confirmed that it has no intentions to revoke the licenses of three banks.
According to a press release from the Acting Director of Corporate Communications at the banks, Haka Sidi-Ali, the CBN has noted the circulation of false information suggesting that it plans to withdraw the licenses of three banks in addition to its recent regulatory actions against Heritage Bank Plc on Monday, June 3, 2024.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.
“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system.
“The Nigerian financial system remains safe, sound, and resilient. Our banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the CBN Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs). These plans are currently being reviewed by the Bank.”
The statement said that, in addition to strengthening buffers to withstand economic shocks, the CBN’s proactive action to force commercial banks to recapitalize will result in higher capital for Nigeria’s banks, allowing them to provide much-needed credit to important sectors of the economy.
The predicted effect, according to the apex bank, will boost the financial system’s contribution to the growth and development of Nigeria’s $1 trillion economy.
The CBN also reassured Nigerians of its steadfast commitment to maintaining the financial system’s stability.
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