CBN Now To Take Over Cash in Dormant Bank Accounts

CBN Office
CBN Office (Credit: Bloomberg)

Billions and probably trillions of naira worth of assets laying dormant in Nigerian banks are acout to be claimed by the Central Bank (CBN)

CBN has released new guidelines in how cash in dormant accounts in Nigerian banks will be handled.

In the new guidelines, all unclaimed cash and related assets are now to be transfered to the CBN via the Unclaimed Balances Trust Fund (UBTF).

The new guidelines circular was sent to all banks and signed by Chibuzo Efobi, the director, financial policy and regulations of the CBN.

Such unclaimed balances are to invested in Nigerian treasury bills and related securities with the guidance of the Unclaimed Balances Management Committee.

Assets to be be included in this category include dormiciliary accounts, dormant accounts, unclaimed balances including savings and current accounts, assets held on cards and wallets etc.

Any beneficial owner will have to fill out an asset reclaim form at a bank to reclaim the assets on the account and this will be done within 1o working days after receipt of the claim from a bank by the CBN.

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