The
Central Bank of Nigeria has discredited claims that some banks in Nigeria are
distressed. In a statement signed by its acting Director of Corporate
Communications, Isaac Okorafor and released today July 6th, the apex bank
stated that neither Skye Bank which it took over its management few days ago
nor any other bank in Nigeria, was distressed. The bank in the statement
assured Nigerians of the safety of their deposits in any Nigerian bank and
advised against panic withdrawals. The statement read:
“The
CBN wishes to reiterate in the strongest terms that these rumors and
speculations are untrue and do not reflect the actual health of the individual
banks and, indeed, the entire banking industry. For the avoidance of doubt, 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. Neither Skye Bank nor any other bank in the
industry is in distress. 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 in spite of
the global economic challenges emanating from the collapse of global commodity
prices. We therefore urge the banking public to remain calm and go about their
normal businesses without panic.”
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