Nigeria’s Apex bank, the Central Bank of Nigeria, CBN, has issued a statement affirming that contrary to ongoing rumours, the Nigerian banking industry remains very healthy with none of the player in the sector distressed.
The CBN made this public in a statement issued on Wednesday in reaction to rumours and speculations that some of banks in the country may be going into distress following the takeover of management of Skye Bank over liquidity issues on Monday.
“The CBN wishes to reiterate in the strongest terms that these rumours and speculations are untrue and do not reflect the actual health of the individual banks and, indeed, the entire banking industry,” Isaac Okoroafor, Acting Director, Corporate Communications said in a statement on behalf of the CBN.
The apex bank further assured that 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.
CBN said neither Skye Bank nor any other bank in the industry is in distress while assuring 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,” CBN said in the statement.
