CBN to Raise N20 Trillion as It Takes Over Dormant Accounts of Nigerian Banks’ Customers [Video]

• The CBN will have N20 trillion transferred from Nigerian banks to its vaults following a new announcement
• The Nigerian apex bank had ordered that accounts dormant for at least ten years be transferred to its custody
• The new guidelines initiated by the CBN aim to standardise the management of these funds and curb potential abuses

Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.

The Central Bank of Nigeria (CBN) is poised to receive approximately N20 trillion from banks as it takes control of balances in dormant customer accounts.

On Friday, July 19, 2024, the apex bank mandated that accounts inactive for a minimum of 10 years be transferred to its custody.

This move …