The Central Bank of Nigeria (CBN) has clarified that its directive on dormant accounts only applies to those inactive for 10 years or more.
In a statement issued over the weekend, the CBN addressed concerns following the release of new guidelines on dormant and unclaimed balances.
The CBN stated that financial institutions must transfer these dormant accounts and unclaimed balances into a designated Unclaimed Balances Trust Fund (UBTF) and Pool Account.
To clear up confusion, the CBN explained that the guidelines only affect dormant and foreign currency accounts (domiciliary accounts). Active domiciliary accounts will not be affected by these guidelines.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
Noted