Central Bank of Nigeria introduces stricter regulations for dormant accounts, transferring them to the Unclaimed Balances Trust Fund Pool Account.
The Central Bank of Nigeria (CBN) has introduced stricter regulations for managing dormant accounts and unclaimed financial assets in banks and other financial institutions. The new guidelines, effective immediately, supersede previous policies issued in 2015. All dormant accounts with no customer activity for 10 years will be transferred to a special account, known as the Unclaimed Balances Trust Fund Pool Account. CBN will have the authority to invest these funds in Nigerian Treasury Bills and other government securities. The new rules aim to identify dormant accounts and reunite them with their owners, establish standardized procedures for account management, and create a framework for reclaiming warehoused funds.
July 19, 2024
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