CBN classifies inactive 10-year accounts as dormant
The Central Bank of Nigeria (CBN) has clarified that only accounts inactive for over 10 years are classified as dormant and will be used for investment purposes. A dedicated office will manage these dormant accounts and unclaimed balances, as outlined in their document titled “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024.” The guidelines, part of the Banks and Other Financial Institutions Act, 2020, aim […]
Post comments (0)