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CIBN REASSURES THE PUBLIC OF THE SAFETY AND SOUNDNESS OF THE NIGERIAN BANKING SYSTEM

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The Chartered Institute of Bankers of Nigeria (CIBN) has reassured the general public that the Nigerian banking system remains very safe, sound and resilient. 
Cablenews24 reports that this assurance was contained in a press release signed by the
President/Chairman of Council, CIBN, Prof. Pius Deji Olanrewaju Ph.D, FCIB, made available to this News Channel, on Wednesday in Lagos.
This Online News Medium understands that this is coming on the heels of mendacious information making rounds in the public domain that the banking licenses 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.
The CIBN, which is the umbrella professional body for banks and bankers in Nigeria, has therefore  allayed the fears of bank customers and the generality of the public, that the assertion is false and misleading even as the Central Bank of Nigeria which is the only body best suited to assess the health of financial institutions in Nigeria has debunked the claim.
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The Chartered Institute of Bankers of Nigeria (CIBN) would like to reassure the public that the Nigerian banking system remains very safe, sound and resilient.
This is on the heels of mendacious information making rounds in the public domain that the banking licenses 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.
We would like to allay the fears of bank customers and the generality of the public that the assertion is false and misleading even as the Central Bank of Nigeria 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.
Consequently, we urge the public to continue to conduct their regular banking activities without hesitation or apprehension, bearing in mind that banks have commenced the process of implementation of the banking sector recapitalization programme in compliance with CBN directive which will help to enhance their capital base, enable them to withstand economic shocks and perform their financial intermediation roles.
The CIBN, as the umbrella professional body for banks and bankers in Nigeria, working with the regulators (CBN and 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.
Prof. Pius Deji Olanrewaju Ph.D, FCIB
President/Chairman of Council, CIBN
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