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Nigeria: Banking industry remains ‘strong’ – Central Bank

By Alexis Akwagyiram
Posted on Thursday, 7 July 2016 11:48

CBN spokesman Isaac Okorafor, in a statement issued late on Wednesday, referred to “unfounded speculation” that some of the country’s banks “may have gone or may be going into distress”, adding that the claims were untrue.

The Nigerian banking industry remains strong in spite of the global economic challenges

“The Nigerian banking industry remains strong in spite of the global economic challenges emanating from the collapse of global commodity prices”, said Okorafor.

He also urged members of the public not to make panic withdrawals. “It is important that we do not create problems when none exists”, he said.

The Central Bank of Nigeria (CBN) on Monday said it replaced executives at Skye Bank after it failed to meet minimum capital ratios.

Nigeria’s central bank has the authority to remove bank executives, powers which it exercised during the 2007-09 global financial crisis when it sacked nine CEOs at banks which were deemed undercapitalised.

In announcing the move, Central Bank Governor Godwin Emefiele said Skye Bank was not in distress and was allowed to conduct banking activities. He also said none of Nigeria’s 21 commercial lenders were currently in distress. a current passport or other valid travel identification. evidence that you can support yourself during your trip buy fake id uk a current passport or travel document

Africa’s largest economy is grappling with its worst crisis in decades due to low oil prices because the OPEC member’s crude sales make up about 70 percent of government revenue.

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