Central Bank of Nigeria Dismisses Rumors of License Revocations for Major Banks

The Central Bank of Nigeria (CBN) has firmly denied rumors suggesting that it plans to revoke the operating licenses of several major banks, including Fidelity, Wema, Polaris, and Unity Banks.

In a statement, the Acting Director of Corporate Communications, Hakama Sidi Ali, clarified that these rumors are unfounded and appear to be a deliberate attempt to cause panic within the financial sector.

She reassured the public of the safety and stability of their deposits, emphasizing that the Nigerian banking industry remains resilient.
The statement highlighted that an earlier circular concerning the dissolution of certain bank boards had been misleadingly recirculated to suggest recent developments.

Ali underscored the CBN’s ongoing commitment to maintaining a robust regulatory framework to ensure financial stability. She encouraged bank customers to continue their transactions without fear, reiterating that the recapitalization of banks is intended to strengthen the sector and protect it from risks.

The CBN’s proactive measures aim to preserve public confidence in the financial system.

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