- Explains why value of naira keeps depreciating
CENTRAL Bank of Nigeria CBN has stated that going by both its 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. This was contained in a statement signed by the acting Director Corporate Communication, Isaac Okoroafor yesterday. The statement however, explained that it became necessary to inform the public because there was 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.” Mr Okoroafor further explained that 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. He also said that neither Skye Bank nor any other bank in the industry is in distress. He also urged 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.
According to Mr Okoroafor, “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.” “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.” In another development, CBN …Read More
Source:: Nigerian Pilot