2015-02-16 | FPR/DIR/CIR/GEN/01/003

Circular to all Deposit Taking Financial Institutions and Stakeholders in the Financial Services Industry: Exposure Draft Guidelines for the Management of Dormant Accounts by Banks in Nigeria

The Central Bank of Nigeria (CBN) is issuing draft guidelines for the management of dormant accounts to address concerns from account holders, regulators, and stakeholders about the lack of standardized treatment of such accounts by banks in the country. The guidelines aim to standardize the management of dormant accounts, comply with international best practices, ensure funds from dormant accounts are channeled productively, and strengthen risk management and liquidity planning for banks. The CBN invites comments from stakeholders on the draft guidelines, which include definitions, objectives, and specific standards for the treatment of dormant accounts.

Nigeria

Central Bank of Nigeria

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