CBN Grants Loan To SKYE Bank

CBN GRANTS LOAN TO SKYE BANKThe Central Bank of Nigeria, CBN, has provided a short term loan facility to Skye Bank Plc as a way to boost its liquidity. The move is aimed at assuring the bank’s depositors and creditors that the bank is safe. Isaac Okoroafor, the CBN acing director, corporate communications said the loan will ensure that the withdrawals the bank suffered “in the wake of the undue panic of last week(caused by a change in management in the bank) do not adversely affect its operations.” It will be recalled that the CBN appointed a new board and management for Skye Bank Plc on Monday, July 4 after it failed to sustain key liquidity and capital adequacy ratios. In place of the outgoing board and management, the CBN appointed Alhaji Mohamad K. Ahmad as the new Chairman, while Mr Toku

 

By Tolu Soetan

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