The Central Bank of Nigeria (CBN) says there are no plans to withdraw the licenses of three other banks.
A press statement by the banks Acting Director of Corporate Communications, Haka Sidi-Ali described the allegations as false and intended to trigger panic in the financial system.
“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 2
The statement explains that the Nigerian financial system remains safe, sound, and resilient.
According to the statement, 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 it adds are currently being reviewed by the apex bank.
In addition to enhancing buffers to withstand economic shocks the statement adds that the proactive measure by the CBN that require commercial banks to recapitalise will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.
The expected outcome, according to the apex bank, will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.
The CBN also assured Nigerians of its unwavering commitment to ensure the stability of the financial system.