Nigeria’s Central Bank says it will mop up all dormant account balances and unclaimed balances in banks into a designated account it has created. CBN announced this in its new Guidelines on the Management of Dormant Accounts drafted in April 2023, which was obtained by The Whistler. According to the apex bank, the balances will be invested in government securities and would be returned to the beneficiaries not later than ten days of notice.
The Central Bank of Nigeria (CBN) has issued a new guideline on funds left in bank accounts that have remained dormant for upwards of one year or ten years.