None of Nigeria’s 22 Banks is in Distress – CBN

None of Nigeria’s 22 Banks is in Distress – CBN

The Central Bank of Nigeria (CBN) on Wednesday reacted to growing insinuations in certain quarters, following the management shakeup at Skye Bank, maintaining that none of the 22 commercial banks in the country is in distress.

In a statement signed by the apex bank’s acting director of communication, Isaac Okoroafor, the CBN said that the infusion of a new board and management for Skye Bank Plc remains a proactive regulatory action meant to ensure that the lender 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 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,” he said.

The Nation reports that Okoroafor further explained that there was no need for panic withdrawals from any bank and that as industry regulator, the CBN was giving an assurance to all customers and the general public that their deposits remain safe in any Nigerian bank.

He said judging by 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,” he said.