CBN Governor
Dormant Accounts hit N19.69m Amid CBN’s Policies
Following the Central Bank of Nigeria’s policy changes, the Nigeria Inter-Bank Settlement System’s inactive account database showed around 19.69 million Nigerian banking sector dormant accounts. This follows the CBN’s Tuesday letter ordering banks to report dormant accounts. IREPORT247NEW reports that the Central Bank of Nigeria (CBN) has ordered banks and financial institutions to disclose dormant […]
CBN Defends ATM Withdrawal fee Hike
The Central Bank of Nigeria, CBN, claimed it increased ATM withdrawal fees from other banks to encourage banks to enhance cash access. After its Monetary Policy Committee (MPC) meeting yesterday, the Apex bank maintained its benchmark interest rate, MPR, at 27.5%. After the MPC meeting, CBN Governor Olayemi Cardoso announced these at a press briefing. […]
CBN Mandates Banks to Publish Dormant Accounts
In a major change, the Central Bank of Nigeria (CBN) has ordered banks and financial institutions to disclose dormant accounts, unclaimed balances, and other financial assets. The circular, signed by Michael Akuka on behalf of the Financial Policy and Regulation Department director on February 17, 2025, aims to improve transparency and unclaimed fund management in […]