CBN: No Bank In Nigeria Is Broke


The Central Bank of Nigeria (CBN) has debunked media reports that some banks in the country are broke or may be going into distress.

Acting Director of Corporate Communications, CBN, Mr. Isaac Okorafor made the disclaimer on Wednesday in a statement released to newsmen.

The Apex bank also dislodged claims that Skye Bank was on the verge of failing. The CBN however, assure members of the public of the safety of their deposits in all Nigerian banks.

READ ALSO:  Breaking! CBN Sacks Skye Bank Top Executives

The statement read:

“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.”

“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.”

Over the weekend, certain media reports had insinuated that some Nigerian banks were on the verge of going under.

No Bank Is Broke – CBN

This followed the action by CBN to remove some top members of executive of the board.

The CBN urged the general public to ignore any such speculations or rumours, regarding them as false.

As regulator of the banking industry, the CBN reassured the banking and general public that there was no need for panic withdrawals.