CBN to Nigerians: ‘No need for panic withdrawals from any bank’

Following rumours making the round on social media platforms that some banks in Nigeria were facing distress, the Central Bank of Nigeria, on Wednesday, decried the reports as unfounded and untrue.

The apex bank made this known in a statement signed by Isaac Okorafor, Ag. Director, Corporate Communications.

The CBN said the appointment of a new board and management for Skye Bank PLC was a regulatory measure that will ensure the bank doesn’t fail in ‘relevant prudential ratios.’

“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 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.”

“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. 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.”

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