RegAlertRule · CBN · 15 Dec 2009 · 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.
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
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Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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