CBN to invest funds in dormant accounts in treasury bills
The Central Bank of Nigeria (CBN) has proposed that banks transfer funds in accounts that have been dormant for up to 10 years into a trust fund account which will ultimately be invested in treasury bills.
The move comes in response to requests from banks and other stakeholders for the CBN to clarify the procedures for the management of dormant and inactive accounts by banks in the country.
Nigeria Inter-Bank Settlement System data recently showed that, of 191.4 million bank accounts, active bank accounts in the…