CBN Denies Plan to Revoke Licenses of Three Banks

The Central Bank of Nigeria (CBN) has refuted allegations that it plans to revoke the licenses of three banks following regulatory action against Heritage Bank Plc. This clarification was provided in a statement issued by the apex bank on Tuesday.

The CBN described the allegations as false and intended to incite panic within the financial system. The statement emphasized that the Nigerian financial system remains secure and resilient. It also highlighted that banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme, aimed at increasing capital for Nigeria’s banks to enhance their ability to provide credit to critical sectors of the economy.

“This will boost the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy,” the statement noted.

The bank reassured stakeholders of its commitment to maintaining the stability and soundness of the financial system and affirmed that it will continue to take necessary measures to ensure its safety.

The CBN reiterated its dedication to ensuring the stability of the financial system for all stakeholders.

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