The CBN’s new directive will see banks losing the custody of billions of naira currently lying in different forms of dormant accounts. CBN Read details of the directive here:
•Reclaim request may take 22 working days
Eligible accounts, according to the document are dormant accounts balances that have remained with financial institutions for 10 years and beyond. It revealed that the proceeds could be invested in Nigerian treasury bills and other securities that may be approved by the Unclaimed Balances Management Committee.
Where there are disputes, it noted, the resolution would be treated with dispatch in 15 working days.
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