Nigeria central bank says country’s banking industry remains ‘strong’ – Reuters


LAGOS, July 6 (Reuters) – Nigeria’s central bank said on Wednesday the country’s banking industry is “strong”, a statement aimed at calming fears about the sector just days after it replaced the chairman and chief executive of one of the country’s financial institutions.

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 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.

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