CBN reveals bank account that will be declared dormant

The Central Bank of Nigeria (CBN) has clarified that its directive regarding dormant accounts applies exclusively to those that have been inactive for a period of 10 years or more.

This statement, issued over the weekend, addressed concerns following the release of new guidelines on dormant and unclaimed balances.

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According to the CBN, financial institutions are required to transfer these dormant accounts, along with any unclaimed balances and other financial assets, into a designated account known as the Unclaimed Balances Trust Fund (UBTF) and Pool Account.

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This move led to some confusion among Nigerians about which accounts would be affected.

To dispel any misunderstandings, the CBN explained that the guidelines specifically pertain to dormant accounts and domiciliary accounts, which are accounts holding foreign currencies.

Importantly, the CBN emphasized that active domiciliary accounts will not be impacted by these new guidelines.