No Nigerian bank is in distress – CBN

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.”