No Nigerian Bank is in Distress- CBN

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 donot   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 BankPLC is a proactive regulatory action meant to ensure that thebank does not continue to fail in its relevant prudential ratios.Neither   Skye   Bank  nor  any   other  bank  in  the  industry  is   indistress.

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 notmean well for the Nigerian banking system and its economy.

As the regulator of the industry, the CBN hereby reassures thebanking and general public that their deposits remain safe inany   Nigerian   bank.

There   is,   therefore,   no   need   for   panicwithdrawals from any bank.Going   by   both   the   CBN’s   Examination   Reports   as   well   asanalysis   from   market   watchers,   International   Credit   RatingAgencies, and Development Finance Institutions, the Nigerianbanking industry remains strong in spite of the global economicchallenges   emanating   from   the  collapse  of  global  commodityprices.

We therefore urge  the banking  public to remain calmand   go   about   their   normal   businesses   without   panic.   It   isimportant that we do not create problems when none exists.

Isaac Okorafor
Ag. Director, Corporate Communications

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