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CBN denies plans to revoke licenses of Keystone, Unity, Polaris bank

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The Central Bank of Nigeria (CBN) has refuted rumours making the rounds that it is planning to revoke the operating licences of Keystone, Unity and Polaris banks.

Recall that it was reported in some section of the media that the apex bank was planning to wield the big stick on the banks following the revocation of the operating licence of Heritage Bank on Monday, June 3.

But in a post shared on its official X handle on Tuesday, CBN described the news as fake.

NewsBand reported that the CBN revoked the operating licence of Heritage Bank due to the bank’s continued poor financial performance.

CBN in a statement said the decision to withdraw Heritage Bank licence was made because the bank’s board and management had failed to improve its financial standing, posing a threat to financial stability.

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