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Why CBN took over Skye Bank

On 21st september 2018, the Central Bank of Nigeria took over Skye Bank by revoking it’s licence of operation and set up a bridge bank called Polaris Bank. The decision according to the CBN was taken to save depositors from losing their funds after two year’s of massive intervention in the defunct Skye bank to the tune of over eight hundred billion naira to safe it from going under.

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