The Central Bank of Nigeria (CBN) has withdrawn the operating licence of Skye Bank.

Godwin Emefiele, CBN Governor, announced the decision to withdraw the licence on Friday.

According to Emefiele, depositors’ funds are safe.

While the management of the bank has been retained for its impressive performance, the Nigeria Deposit Insurance has been said to have injected N786 billion into the new bank —– Polaris Bank has been established to take up ownership of the assets and liabilities of Skye Bank.

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