Nigeria: No need for panic withdrawals, Bank not in distress - CBN

The Central Bank of Nigeria (CBN) has discredited reports that some banks in the country may have gone or may be going into distress.

 The apex bank made the disclaimer on Wednesday in a statement signed by its acting Director of Corporate Communications, Isaac Okorafor.
It also disapproved claims that Skye Bank was suffering, assuring the general public of the safety of their deposits in any Nigerian bank.
“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 ratios.

“Neither Skye Bank nor any other bank in the industry is in distress,” the apex bank maintained.
No Need For Panic Withdrawals
The CBN urged the general public to ignore speculations or rumours to the contrary, saying that 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 bank reassured the banking and general public that there was 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,” the apex bank stated.