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

This was disclosed by the Governor of Central Bank, Godwin Emefiele today.

Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

The CBN had in July 2016, removed the former board and management of the bank.