The Central Bank of Nigeria (CBN) has said that it did not order banks to transfer funds in domiciliary accounts of Nigerians to the ‘Unclaimed Balances Trust Fund (UBTF)......Read The Full Article>>.....Read The Full Article>>
The CBN said this to clarify reports that the ‘Guidelines For The Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions In Nigeria’ also affects domiciliary account balances.
THE WHISTLER had reported that the CBN said it would open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts.
The central bank said the account would be called, ‘Unclaimed Balances Trust Fund (UBTF) Pool Account.’
The affected funds will be invested in federal government securities.
But in an explainer, the CBN said that domiciliary account balances are not affected in the exercise.
CBN said, “The guidelines cover Dormant Accounts, which are different from Domiciliary Accounts. Dormant accounts are accounts that have been inactive for more than 10 years, while domiciliary are accounts that hold currencies other than the Naira.
“The guidelines does not require banks to transfer funds in domiciliary accounts to the CBN. However, balances in dormant domiciliary accounts, like balances in dormant Naira accounts, will be affected by this Guidelines. No active domiciliary account is affected by the Guidelines.”
