CBN Gives Instructions to Access, UBA, other Banks Customers on Dormant Account Fund Recovery [Video]

• The CBN is interested in the funds in dormant account and has issued new rules for recovering funds
• Customers of bank accounts that are now dormant for up to 10 years are now expected to follow then new prices
• A dormant account is a bank account that has remained inactive for a period of at least one year.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has issued new guidelines to help owners of dormant accounts and beneficial owners to recover their funds that have been dormant for up to 10 years.

In the guideline titled the Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” mandate financial institutions (FIs) to transferdormant balances to the Unclaimed …