CBN Calms Panic, Says Heritage Bank Is Safe

Following speculations that Heritage Bank was under financial distress, the Central Bank of Nigeria (CBN) on Tuesday, reassured the public that the bank is safe.

Recall on Monday that Saharareporters alleged that Heritage Bank was currently stuck in a debilitating liquidity situation, quoting sources as saying that the bank was unable to meet customers’ immediate withdrawal requests and had

wiped out all foreign currency domiciliary accounts through physical theft of cash by the bank’s directors.

However, a statement issued by Isaac Okorafor, CBN Director, Corporate Communications, stated that Heritage Bank is not in distress and its depositors should go about their transactions.

The statement reads, “The attention of the CBN has been drawn to false and malicious stories on the social media insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors.

“We wish to state that Heritage Bank is not in distress and, as such, its depositors should go about their transactions without fear. For the avoidance of doubt, we wish to further state that no Nigerian bank is in distress.

“The CBN, as the industry regulator, has a duty to depositors, in particular, and the economy in general, to ensure the soundness of all financial institutions.

“We, therefore, wish to assure all depositors of the safety of their deposits.”

Okorafor also added that CBN would continue to ensure the soundness and safety of the Nigerian financial system.

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