CIBN Supports CBN’s Banking Reforms

The Chartered Institute of Bankers of Nigeria (CIBN) has commended the Central Bank of Nigeria (CBN) for its recent reforms in some banks.

The News Agency of Nigeria (NAN) recalls that on Jan. 10, the apex bank dissolved the boards and management of Union, Polaris, Keystone, and Titan Trust banks due to their non-compliance with the Banks and Other Financial Institutions Act, 2020.

In a statement by Mr Akin Morakinyo, the Chief Executive of the Institute, on Thursday, CIBN reassured the public of the safety and soundness of the banking system.

Morakinyo encouraged the banking public to continue their transactions and activities without hesitation.

“CIBN would like to reassure the general public that Nigerian banks remain strong and resilient, and the CBN is committed to ensuring a stable financial system,” he said.

Morakinyo stated that the institute would continue to support laudable initiatives of the CBN and other stakeholders for a virile economy.

NAN reports that the CBN appointed a new management team for the three banks it earlier dissolved. (NAN)