WorldStage NewsOnline– The Central Bank of Nigeria (CBN) has reacted to some information circulating in the public domain, suggesting that it is set to revoke the licenses of three additional banks as in the case of Heritage Bank Plc on Monday, June 3, 2024, saying these allegations are false and intended to trigger panic in the financial system.
CBN in a statement by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications, “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.”
