CBN: Skye Bank insists no Nigerian Bank is in Distress

The Central Bank of Nigeria (CBN) has said that no bank in the country is in distress, just as it reassured bank customers that their deposits are safe.

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“In the strongest terms that these rumours and speculations are untrue and do not reflect the actual health of the individual banks and, indeed, the entire banking industry, said acting Director, Corporate Communications, Mr. Isaac Okoroafor.

Central Bank of Nigeria
Central Bank of Nigeria
Okoroafor, said that the infusion of a new Board and Management for Skye Bank PLC is a proactive regulatory action meant to ensure that the bank does not continue to fail in its relevant prudential ratios.

He said; “The CBN wishes to reiterate in the strongest terms that these rumours and speculations are untrue and do not reflect the actual health of the individual banks and, indeed, the entire banking industry.

“Therefore, the CBN would like to request the general public to ignore speculations or rumours to the contrary as they could only be the handiwork of mischief makers who do not mean well for the Nigerian banking system and its economy”.

He noted further that as the regulator of the industry, the CBN reassures the banking and general public that their deposits remain safe in any Nigerian bank, adding that there is no need for panic withdrawals from any bank.

Okoroafor however said that going by both the CBN’s Examination Reports as well as analysis from market watchers, International Credit Rating Agencies, and Development Finance Institutions, the Nigerian banking industry remains strong inspite of the global economic challenges emanating from the collapse of global commodity prices.

The Apex bank therefore urged the banking public to remain calm and go about their normal businesses without panic, adding that It is important not to create problems when none exists.

Source: Gift Olivia Samuel, Per Second News

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