The Central Bank of Nigeria (CBN) has issued a fresh directive to banks and financial institutions operating in Nigeria about dormant accounts.
In the new directives, the apex bank will take over the funds in such dormant accounts and invest them in treasury bills and other securities.
This was contained in a circular FPR|DIR|PUB|CIR|002|011 released on Friday by John S. Onojah, Acting Director, Financial Policy and Regulation Department and titled: “Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions In Nigeria”.
