Region

Jurisdiction

Regulator

2009-12-15 | BOD/DIR/CIR/GEN/01/101

Circular on Harmonisation of Accounts

The Central Bank of Nigeria has issued a circular to all Deposit Money Banks regarding harmonization of their accounts. Starting from January 1st, 2010, banks must maintain only three main accounts: the Current Account, RTGS (Settlement Account), and CRR (Cash Reserve Requirement) Account. All dormant/legacy and other non-active accounts will be closed, with balances transferred into the current account.

Nigeria

Central Bank of Nigeria

CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja 09-46238445 09-46238455 (Fax) DRAFT BOD/DIR/CIR/GEN/01/101 December 08, 2009 CIRCULAR TO ALL DEPOSIT MONEY BANKS HARMONIZATION OF ACCOUNTS Following frequent reconciliation issues resulting from the operations of multiples of accounts by Deposit Money Banks, it has become expedient to streamline these accounts. In this regard, therefore, with effect from January 1, 2010 the Central Bank of Nigeria has directed that henceforth each Deposit Money Banks (DMBs) should keep three (3) accounts only namely;

Current Account

RTGS (Settlement Account), and .

CRR (Cash Reserve Requirement) Account Consequently all dormant/legacy and other non-active accounts would be closed and balances therein would be transferred into the current account. Please be guided accordingly.

Ag. Director, Banking Operations