No Nige­rian bank in dis­tress, CBN says

Daily Trust - - FRONT PAGE - By Chris Agabi

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

The apex bank in a state­ment signed by the Act­ing. Di­rec­tor, Cor­po­rate Com­mu­ni­ca­tions, Isaac Oko­rafor, yes­ter­day dis­missed ru­mours that some banks were dis­tressed.

”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 state­ment said.

“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. As the reg­u­la­tor of the in­dus­try, the CBN hereby re­as­sures 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,” the state­ment said.

Ac­cord­ing to the state­ment, go­ing by both the CBN’s ex­am­i­na­tion re­ports and 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. It urged mem­bers of the bank­ing public to re­main calm and go about their nor­mal busi­nesses with­out panic, adding: “It is im­por­tant that we do not cre­ate prob­lems when none ex­ists.”

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