The closure of 23.3 million bank accounts in July marks a 0.56% increase compared to the previous month, where 23.17 million accounts were shut down in June 2024. Data from the Nigerian Interbank Settlement System (NIBSS) reveals a 5.6% decrease in closed accounts from January to July, dropping from 24.7 million in January. Additionally, active bank accounts saw a 2.4% month-on-month growth, reaching 231.1 million in July from 225.53 million in June. Conversely, dormant accounts decreased by 7.6% month-on-month to 18.97 million in July from 20.57 million in June.The Central Bank of Nigeria’s (CBN) guidelines on managing dormant accounts and unclaimed balances direct financial institutions to transfer such funds to the apex bank.
The Central Bank of Nigeria (CBN) has also rolled out regulatory guidelines for account holders and beneficial owners to reclaim their dormant funds within a 10-year window. Furthermore, the apex bank revealed plans to establish a specialized office to oversee dormant accounts and unclaimed balances.
