Business
Unclaimed monies in dormant accounts of up to 10 years to be invested in T-bills — CBN
The CBN has proposed that banks transfer funds in accounts that have been dormant for up to 10 years into a Trust Fund account which will ultimately be invested in Treasury Bills.
According to a circular accompanying the exposure draft, the guideline was in response to requests from banks and other stakeholders for the CBN to clarify the procedures for the management of dormant and inactive accounts by banks in the country.
The circular which was signed by the Director of Financial Policy and Regulation Department of the apex bank, Chibuzor Efobi, also called for inputs which should be sent within three weeks.
The draft states that banks and Other financial institutions (OFIs) are expected to transfer all unclaimed balances in accounts that have been dormant for up to 10 years into an Unclaimed Balances Trust Fund (UBTF) pool account which will be domiciled at the CBN.
-
Latest2 days agoMakinde declares 2027 presidential bid under PDP–APM alliance
-
Featured2 days agoObasanjo faults Tinubu’s economic reforms, calls them necessary but poorly designed
-
Business3 days agoAnger, debate trail proposed $1.25bn loan amid concerns over Nigeria’s debt surge
-
Latest5 days agoWike loyalists dominate As APC clears 33 aspirants for Rivers Assembly primaries, 65 disqualified
-
Featured3 days agoWike dismisses political speculation over meeting with APC Chairman Yilwatda
-
Latest2 days agoWike says Makinde’s presidential ambition dead on arrival
-
Business3 days agoNigeria’s 2026 debt servicing hits $11.6bn as Tinubu decries global financial inequity
-
Comments and Issues3 days agoPolitical Parties Primaries: Consensus or Coronation?