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No Nigerian Bank In Distress — CBN

cbnThe Central Bank of Nigeria, CBN, said yesterday that no bank in the country was distressed. CBN, in a statement by acting Director, Corporate Communications, Mr. Isaac Okorafor, said the infusion of a new Board and management for Skye Bank Plc was a proactive step to ensure the bank remained strong.

The statement read: ‘’The attention of the Central Bank of Nigeria (CBN) has beendrawn to malicious rumours and unfounded speculations thatsome banks in   the country may have gone or may be goinginto distress.

‘’The CBN wishes to  reiterate in the strongestterms that these rumours 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 generalpublic to ignore speculations or rumours to the contrary as theycould only be the handiwork of mischief makers, who do not mean well for the Nigerian banking system and its economy. ‘’

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.’’



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