The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
In a directive issued on Monday, the apex bank outlined the new regulations in a circular titled ‘Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria’.
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The document, signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department, stipulates that financial institutions must publish the names of authorised account operators, the type of account, and the branch where the account is domiciled.
A dormant account is classified as one that has remained inactive for at least one year.
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