CBN Eliminates Affidavit Requirement for Dormant Accounts

The Central Bank of Nigeria (CBN) has issued a circular dated March 12, 2026, signed by Director of Financial Policy and Regulation Department, Rita Sike, announcing the removal of the affidavit requirement for reactivating dormant accounts. This decision rescinds a previous provision mandating the use of an affidavit as part of the reactivation process.

The CBN explained that this move follows consultations with stakeholders and is part of efforts to simplify access to dormant funds while ensuring the integrity of the financial system. Despite the removal of the affidavit requirement, financial institutions must continue to apply enhanced due diligence when handling requests for dormant account reactivation.

The circular clarifies that the exemption does not extend to funds already transferred to the Unclaimed Balances Trust Fund (UBTF) pool account, where the affidavit remains mandatory. Financial institutions are also directed to publish details of dormant accounts on their official websites and in national newspapers, ensuring compliance with the Nigeria Data Protection Act.