CBN Scraps Affidavit Rule for Dormant Accounts

The Central Bank of Nigeria (CBN) has revised its guidelines on dormant bank accounts, removing the mandatory requirement for customers to present affidavits when reactivating such accounts.

In a circular dated March 12, 2026, signed by Rita Sike, Director of Financial Policy and Regulation, the apex bank said the decision followed stakeholder representations and aims to simplify access to dormant funds while maintaining safeguards.

“The requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts has been rescinded,” the circular stated.

CBN clarified that the exemption applies only to dormant accounts not yet transferred to the Unclaimed Balances Trust Fund (UBTF). For funds already moved to the UBTF Pool Account, affidavits remain mandatory.

Banks and financial institutions must still apply enhanced due diligence to verify customer information during reactivation.

The revised framework also requires banks to publish details of dormant accounts and unclaimed balances on their websites and in at least two national newspapers annually. Information disclosed will include account holder names, account type, bank name, and branch address.

The CBN explained that the disclosure requirements comply with the Nigeria Data Protection Act and are legally justified under BOFIA 2020, which empowers the apex bank to regulate unclaimed funds.

The new directive supersedes the earlier circular issued on February 17, 2025, and takes immediate effect, marking another step in the CBN’s efforts to improve transparency and consumer access in the financial system.