P
ProfRem
Guest
The news of Central Bank of Nigeria taking over the entire board and management of Skye bank broke out on social media media in Sierra Leone where people were urged to withdraw their monies.
Sierra Leone’s Central Bank (BSL) Friday sought to allay fears over the decision by the Central Bank of Nigeria (CBN) to take over control of one of its leading commercial banks facing imminent crisis.
The BSL said Thursday in a statement that the move by the Nigerians would have no impact on its Sierra Leone subsidiary.
But its failure to provide further details for its decision prompted panic withdrawals.
Few weeks ago, CBN replaced almost the entire board and management of Skye Bank Nigeria, which has a subsidiary in Sierra Leone.
Skye Bank Sierra Leone is one of about 10 financial institutions with ties to Nigerian banks.
CBN accused the parent Nigerian bank of falling short on the critical indicators of liquidity and capital adequacy ratios, according to reports.
“Customers of the bank and the general public are assured that Sky Bank Sierra Leone is sound by all prudential parameters and that depositors’ funds are safe,” the statement signed by the Director of Banking Supervision, Mr Tapsiru Dainkeh, said Thursday.
Sierra Leone’s Central Bank (BSL) Friday sought to allay fears over the decision by the Central Bank of Nigeria (CBN) to take over control of one of its leading commercial banks facing imminent crisis.
The BSL said Thursday in a statement that the move by the Nigerians would have no impact on its Sierra Leone subsidiary.
But its failure to provide further details for its decision prompted panic withdrawals.
Few weeks ago, CBN replaced almost the entire board and management of Skye Bank Nigeria, which has a subsidiary in Sierra Leone.
Skye Bank Sierra Leone is one of about 10 financial institutions with ties to Nigerian banks.
CBN accused the parent Nigerian bank of falling short on the critical indicators of liquidity and capital adequacy ratios, according to reports.
“Customers of the bank and the general public are assured that Sky Bank Sierra Leone is sound by all prudential parameters and that depositors’ funds are safe,” the statement signed by the Director of Banking Supervision, Mr Tapsiru Dainkeh, said Thursday.
