Nigerians panic as CBN revokes Skye Bank’s licence

Skye Bank

Nigerians have been left in utter shock following the withdrawal of the operating licence of Skye Bank Plc and subsequent replacement with Polaris Bank.

The Central Bank of Nigeria (CBN) revoked the license on Friday due to the failure of Skye Bank’s shareholders to recapitalise the bank.

In the meantime, bridge bank, Polaris, will assume the assets and liabilities of the defunct bank.

Despite the CBN’s insistence that deposits shall remain safe with normal banking services set continue on Monday under this arrangement, Nigerians, particularly Skye Bank customers, are still in a panic.