CBN
No revocation of additional banks’ licences, CBN dispels rumour, insists Nigerian banks safe
The Central Bank of Nigeria, CBN, has dismissed as untrue some information circulating in the public domain, suggesting that licences of additional three commercial banks would be revoked the following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.
A statement by Hakama Sidi Ali (Mrs.), Acting Director, Corporate Communications, dated June 4, 2024, stated that, “The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system.”
The statement entitled: “CBN response to false allegations of license withdrawals,” affirmed that the Nigerian financial system remains safe, sound, and resilient.
The CBN said, “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.
“In addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy. This will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.”
The CBN reassured all stakeholders of its “unwavering commitment to ensuring the financial system’s stability. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness.”
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