CIBN says Nigerian banking system safe, sound
13 June 2024 |
2:56 am
Chartered Institute of Bankers of Nigeria (CIBN) has reassured the Nigerian public that the country’s banking system remains safe, sound and resilient.
The reassurance came on the heels of information making rounds in the public domain that the banking licences
Chartered Institute of Bankers of Nigeria (CIBN) has reassured the Nigerian public that the country’s banking system remains safe, sound and resilient.
The reassurance came on the heels of information making rounds in the public domain that the banking licences of more banks would be revoked after the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3, 2024.
In a statement, yesterday, President/Chairman of Council, CIBN, Prof Pius Olanrewaju, allayed bank customers’ fears with the assurance that banks operating in the country were built on solid foundations.
He said, “We would like to allay the fears of bank customers and the general public that the assertion is false and misleading, even as the CBN, which is the only body best suited to assess the health of financial institutions in Nigeria, has debunked the claim.
“It is important to note that the Nigerian banking system is built on strong foundations, with rigorous regulatory frameworks and supervision aimed at safeguarding the interests of stakeholders and maintaining financial system stability.”
CIBN urged the public to continue to conduct their regular banking activities without hesitation or apprehension, bearing in mind that banks had commenced recapitalisation in compliance with CBN’s directive to enhance their capital base, enable them to withstand economic shocks and perform their financial intermediation roles.
The statement reads, “The CIBN, as the umbrella professional body for banks and bankers in Nigeria, working with the regulators, CBN and Nigeria Deposit Insurance Corporation (NDIC), and other stakeholders in the ecosystem, is committed to promoting best practices and ensuring that our banking sector remains resilient and sound. We urge all banking customers and the public to remain calm and confident in the strength of our banking system.”
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