The Central Bank of Nigeria (CBN) has classified accounts that have been inactive for over 10 years as dormant and will be used for investment purposes.

CBN made this known in its recently issued document titled, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024,” shared on its official website.

According to CBN, it might invest funds from dormant accounts, unclaimed balances in Nigerian Treasury Bills, and other government securities.

The apex bank disclosed: “Dormant accounts are accounts that have been inactive for more than 10 years. Eligible accounts are dormant account balances that have remained with the FIs for 10 years or more.

“These eligible accounts include current, savings, term deposits in local currency, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts and wallets, government-owned accounts, and others as specified in the Guidelines by the CBN.

“The CBN shall establish a dedicated office for this purpose. The office will be supervised by a management committee.

“The interest payable shall be at a rate to be determined by the CBN from time to time. For non-interest banks, the profit and loss on the unclaimed balances shall be determined by the CBN from time to time.

“The CBN will refund the principal and any interest on the invested funds to the beneficiaries within 10 working days of receiving a reclaim request from the FI.”

According to the new guidelines, the CBN will create and manage a dedicated account called the “Unclaimed Balances Trust Fund Pool Account” to warehouse unclaimed balances.

The guidelines specify that eligible accounts for dormant status include current, savings, term deposits in local currency, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts and wallets, and government-owned accounts.