The Central Bank of Nigeria (CBN), on Friday unveiled revised guidelines concerning the management of dormant accounts, unclaimed balances, and other financial assets held by banks and Other Financial Institutions (OFIs) across the country.
These new directives stipulate that any accounts which have remained inactive for a period of 10 years or more must be transferred to the custody of the apex bank.
This announcement was part of a broader address by CBN Governor, Mr. Olayemi Cardoso, who, on the same day in Abuja, presented indicators suggesting improved economic growth and stability for Nigeria.
Governor Cardoso assured Nigerians of better days ahead, emphasizing the central bank’s commitment to fostering a robust financial environment.
Additionally, the CBN revealed that it had sold $106.50 million to 29 Authorized Dealer Banks (ADBs) over the period of July 18 and 19, 2024. This move is part of ongoing efforts to enhance the supply of foreign exchange (FX) in the market, addressing liquidity concerns and supporting the nation’s financial stability.
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The detailed revised guidelines were disclosed in a circular dated July 19, 2024. This circular, signed by Mr. John Onoja, the Director of the Financial Policy and Regulations Department, was addressed to all banks and OFIs.
The guidelines aim to standardize the procedures for managing dormant accounts, unclaimed balances, and other financial assets. They also outline the steps banks and financial institutions must take to administer these dormant funds properly.
The CBN emphasized that the modalities for transferring relevant balances, funds, and assets to the central bank would be provided in due course.
Moreover, the revised templates for submitting quarterly returns to the Banking Supervision Department or the Other Financial Institutions Supervision Department, as applicable, will be communicated subsequently.
This comprehensive framework is designed to ensure transparency, efficiency, and compliance in the management of dormant accounts and unclaimed financial assets across Nigeria’s banking sector.
The Central Bank of Nigeria (CBN) has introduced new guidelines, effective immediately, for managing dormant accounts, unclaimed balances, and other financial assets, replacing an October 2015 directive.
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The guidelines require financial institutions to transfer accounts dormant for over 10 years to the CBN. This measure aims to prevent the accumulation of unclaimed balances, reduce the risk of fraud, and ensure depositors are adequately protected.
CBN Governor Olayemi Cardoso emphasized that these changes will strengthen oversight and help reunite dormant funds with their rightful owners, promising improved economic stability for Nigerians.