"The Central Bank of Nigeria (CBN) is reportedly planning to revoke the licenses of three additional banks - Unity Bank, Keystone Bank, and Polaris Bank - following the recent revocation of Heritage Bank's license. According to a reliable source, these banks have been experiencing financial difficulties and are unlikely to recover. The CBN had previously provided significant support to these banks but has concluded that further intervention is not viable. The revocation of their licenses is expected to be announced in the coming days. The CBN has already taken steps to protect the interests of corporate clients with large deposits in Heritage Bank, but smaller depositors may need to wait for the Nigeria Deposit Insurance Corporation (NDIC) to intervene, which can be a lengthy process. The CBN's actions are aimed at maintaining financial stability and paving the way for the recapitalization of existing banks."
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