The Central Bank of Nigeria has released updated guidelines on the management of dormant accounts, unclaimed balances and other financial assets.
The CBN released the guidelines in a circular to all banks and financial institutions dated Friday, July 19, 2024 and signed by the apex bank’s Ag. Director, Financial Policy & Regulation Department, John Onojah.
Onojah said this revision, which follows the review of the October 2015 guidelines, aligns with Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
He stated that the new guidelines standardise the management and administration of dormant accounts and unclaimed funds, reflecting stakeholder feedback.
“The CBN hereby issues the revised Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and…
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