Thursday, 25 August 2016

Heritage Bank writes customers on CBN ban on FX market

The Central Bank of Nigeria recent announcement of temporarily suspending nine commercial banks, including Heritage Bank, from accessing the foreign exchange market is a systemic challenge for the banking sector, which cuts across all banks.

As a financial institution, we have continued to build on foundation of sound corporate; maintained a full disclosure of outstanding TSA funds of the Central Bank of Nigeria, and worked diligently to fulfil our obligations.

We will continue to remit funds towards our commitments to the CBN, even under these challenging market conditions.

As a customer-eccentric bank, it is necessary to inform our customers of the recent developments in the industry:

Be rest assured that we have engaged with relevant stakeholders, with the support of CBN to resolve this industry-wide systemic issue quickly. We understand the importance of helping you as our customers to find foreign exchange to help grow your businesses and promote economic growth in Nigeria.

We want to guarantee our teeming banking customers there will be no impact at all. There will be some impact on establishing new trade lines through the foreign exchange market and your relationship manager will be able to help you with best-advice if you need to do this. This development does not affect customers' own deposits, both local and those in foreign currency. It also means that services such as payments – local and international, will go through as normal whenever you need to make them. Remittance services will be hitch-free and you can transact anywhere in the world, any time of the day, on your mobile application or internet banking.

Our primary responsibility is to you, our customer.  We equally assure you that as one of the fastest growing banks in Nigeria, and you our customers by our side, our dream of becoming an industry leader in the near future will be achievable.

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