The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
According to CBN, a dormant account refers to a bank account that has remained inactive for at least one year.
The directive was outlined in a circular issued on Monday, titled “Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.”
The circular was signed by Michael Akuka on behalf of the director of CBN’s financial policy and regulation department.
As part of the new regulations, financial institutions are required to display key details such as the names of individuals authorized to operate the accounts, the type of account, and the branch where it is domiciled. This information must be made available on their official websites.
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Source: Vanguard Newspaper
