Central Bank of Nigeria (CBN) has assured depositors that no Nigerian bank is in distress; adding that there was no need for any form of panic withdrawal from any bank. The apex bank disclosed this in a statement issued by Mr. Isaac Okorafor, its Acting Director, Corporate Communications. The statement read:

“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 donot   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”.