The Central Bank of Nigeria (CBN) has debunked widespread speculations that there are plans by the apex bank to revoke the licenses of three additional banks, describing the rumours as false which is orchestrated to trigger panic in the financial system.
The CBN’s reaction is contained in a statement by Mrs. Hakama Sidi Ali, the Acting Director Corporate Communications, made available to newsmen on Tuesday.
The CBN also assured that the Nigerian financial system remains safe, sound, and resilient, stressing that 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).
“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.
“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 would like to reassure 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,” the statement added.
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