CBN reacts on plan to revoke licenses of 3 other banks

The Central Bank of Nigeria (CBN) has refuted rumors circulating in the media, categorically stating that it has no plans to revoke the operating licenses of Unity Bank, Keystone Bank, and Polaris Bank.

On Tuesday, the Central Bank of Nigeria (CBN) took to its official social media handle on X to debunk the rumors, urging the public to disregard the report as false and misleading.

Sharing a screenshot of the publication, CBN wrote: “This content is fake and not from the Central Bank of Nigeria.”

Recently, the CBN revoked the operating license of Heritage Bank.

The decision was taken in line with the CBN’s responsibility to uphold a stable financial system in Nigeria and utilizing its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

This action was deemed necessary due to the bank’s violation of Section 12 (1) of BOFIA, 2020.

In a related development, the Nigeria Deposit Insurance Corporation (NDIC) has reassured bank customers in Nigeria that their deposits and investments are fully secured.

The NDIC emphasized that banks whose licenses remain intact are financially stable and secure, and encouraged depositors and stakeholders to continue their banking transactions with confidence, without any fear or uncertainty.