CBN releases updated guidelines on management of dormant accounts

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

The post CBN releases updated guidelines on management of dormant accounts appeared first on The Guardian Nigeria News – Nigeria and World News.


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