The Central Bank of Nigeria (CBN) has firmly denied circulating rumors about revoking the licenses of Unity Bank, Polaris Bank, and Keystone Bank. The CBN labeled the claims as baseless, stressing on social media that there are no such plans in place.

The false reports emerged online shortly after the CBN revoked Heritage Bank’s license due to its prolonged financial instability. Heritage Bank’s inability to meet performance targets and its lack of recovery prospects prompted the CBN’s decisive action.

In the wake of Heritage Bank’s closure, the Nigeria Deposit Insurance Corporation (NDIC) has taken over as the liquidator, ensuring depositors will be reimbursed. This process aligns with the Banks and Other Financial Institutions Act, 2020.

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The CBN’s statement aims to reassure customers and stakeholders of Unity, Polaris, and Keystone Banks, emphasizing the stability and soundness of these institutions. The central bank continues to monitor the banking sector closely, prioritizing financial stability and depositor protection.

The CBN’s proactive communication underscores its commitment to transparency and maintaining public confidence in Nigeria’s financial system, ensuring that misinformation does not disrupt the sector’s stability.