CBN Revises Dormant Account Guidelines, Drops Affidavit

The Central Bank of Nigeria (CBN) has issued a circular on March 12, 2026, revising its guidelines for the management of dormant accounts. The new guidelines eliminate the mandatory requirement for an affidavit when customers seek to reactivate dormant accounts.

This decision, explained by Dr. Rita Sike, Director of Financial Policy and Regulation, is part of measures to simplify the reactivation process while safeguarding the integrity of the financial system. However, the CBN emphasized that financial institutions must continue to apply enhanced due diligence when handling requests for reactivation.

The circular clarifies that the removal of the affidavit requirement applies only to dormant accounts that have not yet transferred unclaimed balances to the trust fund pool account. Additionally, the revised framework introduces further disclosure requirements for banks regarding dormant accounts and unclaimed balances, mandating that specific details be published on their websites and in national newspapers.

This new circular supersedes earlier directives issued on February 17, 2025, and takes immediate effect.