No Nigerian Bank in Distress – CBN

The Central Bank of Nigeria (CBN) has assured that no bank is in distress in the country.

The apex bank in a statement signed by the Acting. Director, Corporate Communications, Isaac Okorafor, yesterday dismissed rumours that some banks were distressed.

‎”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,” the statement said.

“The CBN would like to request the general public to ignore speculations or rumours 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. 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,” the statement said.

According to the statement, ‎going by both the CBN’s examination reports and 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. It urged members of the banking public to remain calm and go about their normal businesses without panic, adding: “It is important that we do not create problems when none exists.”