By Sabiu Abdullahi
The Central Bank of Nigeria (CBN) has responded to circulating allegations that it plans to revoke the licenses of three additional banks, following its regulatory action against Heritage Bank on Monday, June 3, 2024.
According to the CBN, these allegations are “false and intended to trigger panic in the financial system.” In a statement released on June 4, 2024, the bank reassured stakeholders that the Nigerian financial system “remains safe, sound, and resilient.”
The CBN has initiated the Banking Sector Recapitalisation Programme, requiring Commercial, Merchant, and Non-Interest Banks (CMNIBs) to recapitalize and enhance buffers to withstand economic shocks. This proactive measure aims to increase capital for Nigerian banks, enabling them to provide credit to critical sectors and contribute to a $1 trillion economy.
The bank’s Ag. Director of Corporate Communications, Hakama Sidi Ali, emphasized the CBN’s commitment to maintaining financial system stability, stating, “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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