Key moments
On March 12, 2026, the Central Bank of Nigeria (CBN) announced a significant change in the regulations governing dormant accounts. The new directive, signed by Rita Sike, Director of Financial Policy and Regulation, eliminates the mandatory requirement for customers to present affidavits when seeking to reactivate dormant accounts.
This decision comes as a response to representations from various stakeholders who have advocated for a more accessible process for individuals wishing to reclaim their dormant funds. The CBN’s move aims to simplify access while ensuring that necessary safeguards remain in place.
The revised regulations specifically apply to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. For accounts that have already been transferred, the requirement for affidavits remains in effect, highlighting a distinction in the treatment of dormant accounts based on their status.
In addition to the removal of the affidavit requirement, the CBN has mandated that banks and financial institutions implement enhanced due diligence when handling requests for dormant account reactivation. This includes robust measures to verify the accuracy and authenticity of customer information during the reactivation process.
Furthermore, banks are now required to publish details of dormant accounts and unclaimed balances on their websites and in at least two national newspapers annually. This disclosure must include the names of account holders, account types, bank names, and branch addresses, ensuring transparency and compliance with the Nigeria Data Protection Act.
The new directive supersedes an earlier circular issued on February 17, 2025, and takes immediate effect, indicating the CBN’s commitment to adapting its policies in response to the evolving needs of the banking sector.
Rita Sike stated, “The requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts has been rescinded.” She further emphasized that despite this change, banks and other financial institutions must continue to apply enhanced due diligence to safeguard customer information during the reactivation process.
This regulatory update reflects the CBN’s ongoing efforts to balance customer accessibility with the need for financial security and integrity in the banking system.