The Chartered Institute of Bankers of Nigeria (CIBN) has thrown its weight behind the Central Bank of Nigeria’s (CBN) recent actions to restructure struggling banks.
The institute’s endorsement comes in the wake of the CBN’s January 10th decision to dissolve the boards and management of four banks due to non-compliance with banking regulations.
“The Chartered Institute of Bankers of Nigeria wishes to commend the Central Bank of Nigeria for its prompt and decisive intervention in some banks,” stated CIBN Chief Executive Akin Morakinyo in a Thursday press release. He reassured the public about the overall stability of the Nigerian banking system, urging depositors and customers to conduct their activities with confidence.
“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,” Morakinyo emphasized. He further declared the institute’s unwavering support for “laudable initiatives of the CBN and other stakeholders for a virile economy.”
