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 yesterday 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.”
