Current State Of Nigerian Banks : CBN Debunks Rumors


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The Central Bank of Nigeria (CBN) has debunked rumors that Nigerian banks are in trouble.

This was disclosed in a statement by Isaac Okorafor, the Director, Corporate Communications of the CBN.

The statement read in parts: “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.”

However, they reiterated that the Nigerian banking industry remains strong despite the global economic crisis in the country.

“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,” it read.

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