The Central Bank of Nigeria (CBN) has revised its guidelines on dormant bank accounts, removing the long-standing requirement for customers to provide an affidavit when reactivating such accounts.

In a circular dated March 12, 2026, sent to banks and financial institutions, the CBN explained that the change follows stakeholder feedback and is aimed at making the reactivation process simpler for customers while maintaining safeguards against fraud and abuse.

Key Changes to Dormant Account Reactivation

Under the new rules:

  • Customers can now reactivate dormant accounts without submitting an affidavit, provided the accounts have not been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.
  • Strong verification checks remain mandatory. Banks must confirm the accuracy and authenticity of customer information before reactivating dormant accounts.
  • For accounts that have already been moved to the UBTF Pool Account, customers are still required to provide an affidavit to reclaim their funds.

Enhanced Transparency Requirements

The CBN also introduced new disclosure rules to improve transparency around dormant accounts and unclaimed balances:

  • Banks must publish details of dormant accounts not yet transferred to the UBTF Pool Account and unclaimed balances already transferred.
  • Disclosed information must include the names of authorized account holders, type of account, bank or institution, and branch address.
  • Banks are required to publish this information at least once a year in two national daily newspapers. If the list exceeds two newspaper pages, a one-page notice can direct customers to a dedicated section on the bank’s website.
  • State and unit microfinance banks are exempt from the newspaper requirement but must display the information at all business locations.

The CBN clarified that these disclosures comply with Nigerian data protection laws, citing the Nigeria Data Protection Act, 2023, which permits processing personal data when necessary to meet legal obligations. The circular also references the Banks and Other Financial Institutions Act, 2020, which empowers the central bank to issue guidelines for managing unclaimed funds.

The new framework replaces the previous directive issued on February 17, 2025, and takes effect immediately.