Nigeria's Central Bank eases dormant account reactivation rules in 2026
The Central Bank of Nigeria (CBN) has updated its rules for handling dormant accounts, removing a key requirement for customers. Previously, account holders needed an affidavit to reactivate such accounts, but this is no longer mandatory. The change aims to make the process simpler while keeping financial safeguards in place.
The CBN announced the new guidelines on March 12, 2026, replacing an earlier directive from February 17, 2025. The update follows feedback from stakeholders who argued that the affidavit rule created unnecessary delays. Now, 23 commercial banks and 5 merchant banksā28 institutions in totalāmust comply with the revised policy.
Banks and financial institutions will still need to perform enhanced due diligence when reactivating dormant accounts. However, the affidavit waiver only applies to accounts that have not yet been moved to the Unclaimed Balances Trust Fund Pool Account. The CBN also introduced stricter disclosure rules. All affected institutions must now publish details of dormant accounts and unclaimed balances on their websites and in national newspapers. State and unit microfinance banks are exempt from newspaper ads but must display the information at their branches. The CBN confirmed that these disclosure requirements align with Nigeria's data protection and financial laws. The new rules took effect immediately after the circular was issued.
The policy shift removes a long-standing hurdle for customers trying to access old accounts. Financial institutions must now balance easier reactivation with stronger transparency measures. The CBN's decision reflects ongoing efforts to modernise banking procedures while protecting the system's integrity.
