Nigerian Banking System Is Safe – CIBN

Banking Industry Struggling To Survive Rapid Innovations - CIBN

Nigerians were reassured by the Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday that the banking system was still “safe, sound, and resilient,” allaying concerns about bank liquidations.

Its president, Prof. Pius Olanrewaju, provided the assurance that further bank licenses would be canceled in a statement made in Lagos to dispel false information and fake news.

After the Central Bank of Nigeria (CBN) took regulatory action against Heritage Bank Plc on June 3, Olanrewaju emphasized the significance of dispelling rumors that more bank licenses will be canceled.

“We would like to allay the fears of bank customers and the general public that the assertion is false and misleading.

“The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” the Chairman of Council, CIBN, stated.

He added that the ongoing recapitalisation process announced by the CBN aims to further strengthen the resilience of banks and their capacity to support the growth of the Nigerian economy.

“Consequently, we urge the public to continue conducting their banking services without hesitation or apprehension,” Olanrewaju said.

According to him, CIBN is committed to promoting best practices and ensuring that the sector remains safe and sound, in collaboration with other stakeholders in the ecosystem.

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