The Central Bank of Nigeria (CBN) yesterday introduced new revised guidelines on the management of dormant accounts, unclaimed balances, and other financial assets in banks and Other Financial Institutions (OFIs) in the country. This new framework mandates financial institutions to transfer accounts that have remained dormant for 10 years or more to the custody of the apex bank.<\/p>\n
The announcement was part of a broader presentation by CBN Governor, Mr. Olayemi Cardoso, in Abuja. During the event, Cardoso highlighted key indices reflecting improved growth and stability in Nigeria\u2019s economy and assured Nigerians of better days ahead.<\/p>\n
Additionally, the CBN revealed it had sold $106.50 million to 29 Authorised Dealer Banks (ADBs) between July 18 and 19, 2024, as part of efforts to enhance the supply in the foreign exchange (FX) market.<\/p>\n
The revised guidelines were detailed in a circular dated July 19, 2024, signed by the Director of the Financial Policy and Regulations Department, Mr. John Onoja, and addressed to all banks and OFIs. According to the circular, the guidelines aim to standardize the management of dormant accounts, unclaimed balances, and financial assets. They outline the procedures for administering these balances, funds, and assets by banks and other financial institutions.<\/p>\n
The CBN stated that the modalities for transferring the relevant balances, funds, and assets to the CBN, along with the revised templates for quarterly returns to the Banking Supervision Department or Other Financial Institutions Supervision Department, will be communicated subsequently. These guidelines, effective immediately, supersede an earlier circular issued in October 2015.<\/p>\n
The CBN noted that financial institutions hold deposit accounts and other financial liabilities with no customer-induced activity over a period, rendering the accounts dormant. The revised regulations seek to curb abuses in the operation of dormant and inactive accounts, set operational standards, and strengthen the CBN\u2019s oversight functions regarding the management of dormant and unclaimed balances.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) yesterday introduced new revised guidelines on the management of dormant accounts, unclaimed balances, and other financial assets in banks and Other Financial Institutions (OFIs) in the country. This new framework mandates financial institutions to transfer accounts that have remained dormant for 10 years or more to the custody of […]<\/p>\n","protected":false},"author":13,"featured_media":36874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-39719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/39719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=39719"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/39719\/revisions"}],"predecessor-version":[{"id":39721,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/39719\/revisions\/39721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/36874"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=39719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=39719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=39719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}