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Alleged Plan To Revoke Licences of Unity, Keystone and Polaris Banks: CBN Reacts

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he Central Bank of Nigeria (CBN) has categorically denied reports circulating online that it plans to revoke the operating licences of Unity Bank, Keystone Bank, and Polaris Bank.

The apex bank made this clarification in a social media post on Tuesday, describing the reports as “fake” and “not from the CBN”.

The denial comes on the heels of the CBN’s recent revocation of Heritage Bank’s operating licence, which was announced on June 4.

The decision to revoke Heritage Bank’s licence was due to the bank’s inability to improve its financial performance, despite warnings from the CBN.

The apex bank stated that the bank’s financial situation posed a threat to financial stability, and that revoking its licence was necessary to ensure the safety and soundness of Nigeria’s financial system.

The CBN’s swift denial of the reports regarding Unity Bank, Keystone Bank, and Polaris Bank suggests that the apex bank has no plans to take similar action against these banks at this time.

The CBN’s reassurance is likely to calm nerves in the banking sector and among customers of the affected banks.

It is worth noting that the CBN takes its role as regulator of the banking sector seriously and will not hesitate to take necessary actions to ensure the stability of the financial system.

However, in this instance, the reports of plans to revoke the licences of Unity Bank, Keystone Bank, and Polaris Bank have been deemed unfounded and misleading.

The CBN’s clarification has brought relief to stakeholders in the banking sector, and it is hoped that this will help to maintain confidence in the sector.

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As the apex bank continues to monitor the financial performance of banks in Nigeria, it is clear that any bank that fails to meet the required standards will face appropriate regulatory action.


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