The 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
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