All banks are sound – CBN

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CBN says all banks are sound
CBN says all banks are sound

By Racheal Ishaya

The Central Bank of Nigeria (CBN) on Tuesday in Abuja said that no Nigerian Bank was in distress.

The Central Bank of Nigeria stated this in a statement by its acting Director, Corporate Communications, Mr Isaac Okorafor.

“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,” it stated.

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

The apex bank described as false and malicious insinuations on the social media that Heritage Bank was under financial distress and unable to discharge its obligations to its depositors.

‘’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 rumour to “the handiwork of economic saboteurs’’.


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