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

On January 10, the CBN dissolved the boards and management of Union, Polaris, Keystone, and Titan Trust banks due to non-compliance with the Banks and Other Financial Institutions Act, 2020.

In a statement released by Mr. Akin Morakinyo, the Chief Executive of the Institute, CIBN acknowledged and supported the central bank’s actions, reassuring the public about the safety and soundness of the banking system.

Morakinyo encouraged the banking public to continue their transactions and activities without any hesitation. He emphasized the strength and resilience of Nigerian banks, highlighting the CBN’s commitment to maintaining a stable financial system.

The Chief Executive stated, “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 affirmed that the institute would continue to support commendable initiatives undertaken by the CBN and other stakeholders for the development of a robust economy.

It’s worth noting that the CBN has already appointed new management teams for the banks affected by the dissolution.

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