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Don't panic, no Nigerian bank in distress – CBN

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

This was contained in a statement signed by the apex bank's Acting Director of Corporate Communications, Isaac Okoroafor on Wednesday.

The statement read, 'the attention of the Central Bank of Nigeria (CBN) has been drawn to malicious rumours and unfounded speculations that some banks in  the country may have gone or may be going into distress.

'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.

'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 ratio. 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.'

The statement added that as the regulator of the industry, the CBN hereby reassured the banking and general public that their deposits remained 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,' the statement stressed.