CBN Unveils New Guidelines on Dormant Accounts as Cardoso Assures of Better Days Ahead for Nigerians

The Central Bank of Nigeria (CBN) has introduced new guidelines on the management of dormant accounts and unclaimed balances in financial institutions. The revised framework mandates that accounts dormant for 10 years or more be transferred to the custody of the CBN. This move aims to standardize the management of dormant accounts and prevent fraudulent transactions.

In addition to the new guidelines, CBN Governor, Mr. Olayemi Cardoso, assured Nigerians of better days ahead during a meeting with the Senate Committee on Banking. He highlighted positive economic indicators, such as a narrowing spread between official and BDC rates and an increase in external reserves. Cardoso also emphasized the banking sector’s stability and resilience, with improvements in key indicators like capital adequacy and non-performing loan ratios.

Meanwhile, the CBN injected $106.50 million into the FX market to boost liquidity. This move is part of the bank’s efforts to improve supply in the foreign exchange market. The CBN sold the funds to 29 Authorized Dealer Banks at rates between N1,498.00/$1 to N1,530.00/$1. The bank also purchased $9.5 million from four dealer banks at rates between N1,510.00/$1 and N1,550.00/$1.

CBN Director, Financial Markets Department, Dr. Omolara Omotunde Duke, stated that the recent movements in the foreign exchange market were driven by demand pressure from corporate entities and seasonal upticks. The CBN will continue to support various market segments with liquidity and monitor compliance with trading rules to ensure stability in the FX market.