CBN response to false allegations of license withdrawals

Web and Cloud

Jul 10, 2024 - 09:08

Jul 10, 2024 - 12:23

CBN response to false allegations of license withdrawals

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 requires 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.

You can download the PDF file of the full statement of Central Bank of Nigeria below:

Download files

What's Your Reaction?

Like 0

Dislike 0

Love 0

Funny 0

Angry 0

Sad 0

Wow 0

Web and Cloud Welcome to Web and Cloud - Pioneering Technology for a Better Tomorrow! Web and Cloud is a tech-enabled firm, digital inclusion advocate, and a reliable technology partner for companies and organizations of all sizes since 2003. We have proudly served the global market, offering cutting-edge solutions, support, and management services to companies, organizations, and startups of all sizes. No matter your location around the world, you can count on us as your reliable technology partner, providing cutting-edge solutions with flexible, and installment payment terms. *How can we assist you today? Ask Web and Cloud Anything or Request obligation-free quotes through Dfecho Free Quote request service.