The Central Bank of Nigeria (CBN) has disclosed that it will create a dedicated office to manage dormant accounts and unclaimed balances. 

This is according to the CBN’s recently issued document, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024,”. 

It read: “The CBN shall establish a dedicated office for this purpose. The office will be supervised by a Management Committee.”

CBN to release interests from invested funds after account reactivation 

According to the apex bank, it will manage these funds in trust, refunding the principal and any accrued interest to beneficiaries within ten working days of receiving a reclaim request from the financial institution.  

The FAQ document read: “The interest payable shall be at a rate to be determined by the CBN from time to time. For Non-interest banks, the profit and loss on the unclaimed balances shall be determined by the CBN from time to time.