News The African Way

No Nigerian Bank is in Distress – CBN

Abuja (Nigeria) – The Central Bank of Nigeria (CBN) has debunked rumors that some banks in the country may have gone or may be going into distress.

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A statement by CBN Spokesperson, Isaac Okorafor noted that, “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.

“Therefore, the CBN would like to request the general public to ignore speculations or rumors 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.”

The statement further reads; “As the regulator of the industry, the CBN hereby reassures the banking and general public that their deposits remain safe in any   Nigerian   bank.

“There   is,   therefore,   no   need   for   panic withdrawals from any bank. 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.   It is important that we do not create problems when none exists,” it stated.

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