CBN Reassures Nigerians: No Nigerian Bank Is In Distress

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The Central Bank of Nigeria (CBN) on Tuesday in Abuja reiterated that none of the commercial Banks in the country was in distress.

The apex bank deemed it necessary to clear the air over rumors that Heritage Bank Limited was in financial trouble.

The CBN in a statement dismissed speculations that the bank which only last year, acquired Enterprise Bank Limited, was unable to meet depositors’ payment needs.

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A report by an online publication had alleged that Heritage Bank Limited is unable to meet its customers’ immediate withdrawal requests and has wiped out all foreign currency domiciliary accounts through physical theft of cash by the bank’s directors.

The report further alleged that the lender is facing infighting at the board level which adversely affects its ability to function effectively.

In a statement by the  Central Bank of Nigeria  acting Director, Corporate Communications, Mr Isaac Okorafor, the CBN reassured investors and urged for calm.

“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”

The apex bank said the banking system in the country remained resilient enough to weather the current economic storm.

The CBN described as false and malicious insinuations on social media that certain banks  were soon to be liquidated.

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“For the avoidance of doubt, we wish to further state that Heritage Bank remains viably strong thus, not in state of distress.”

“Heritage Bank is not in distress and as such, its depositors should go about their transactions without fear.’’

The CBN attributed the rumor to “the handiwork of economic saboteurs’’.