CBN removes affidavit as condition for dormant accounts reactivation

 

The Central Bank of Nigeria (CBN) has removed the mandatory requirement for customers to present affidavits when seeking to reactivate such accounts.

This was made known in its revised guidelines on the management of dormant bank accounts in a circular dated March 12, 2026, and addressed to banks and other financial institutions across the country.

In the circular signed by the Director of the Financial Policy and Regulation Department of the apex bank, Rita Sike, the CBN said it had rescinded the provision under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts, which previously required customers to provide affidavits as part of the process of reactivating dormant accounts.

The apex bank also clarified that the removal of the affidavit requirement only applies to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.

It further explained that the exemption does not extend to funds already transferred to the Unclaimed Balances Trust Fund.

Under the revised framework, banks and other financial institutions are now required to publish details of dormant accounts and unclaimed balances.

According to the CBN, the decision followed representations from stakeholders and forms part of efforts to simplify the process of accessing dormant funds while maintaining safeguards to protect the integrity of the financial system.

However, the CBN stressed that financial institutions must continue to apply enhanced due diligence when handling requests for dormant account reactivation.