Abuja, Nigeria – Nigeria’s Central Bank has removed the requirement for customers to provide a sworn affidavit when reactivating a dormant bank account, a change aimed at simplifying the process for millions of account holders across the country.
The revision was issued in a circular dated March 12, 2026, signed by Rita Sike, Director of the Financial Policy and Regulation Department.
Okay News reports that a dormant account is one that has seen no customer-initiated activity over a defined period, after which banks are required to restrict transactions and eventually transfer unclaimed funds to a government-managed pool.
The Central Bank of Nigeria clarified that the removal of the affidavit requirement applies only to dormant accounts that have not yet been moved to the Unclaimed Balances Trust Fund Pool Account. For funds already transferred into that pool, affidavits remain mandatory.
“For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account,” the circular stated.
Despite removing the affidavit rule, the Central Bank directed banks to maintain enhanced due diligence when processing reactivation requests. Institutions are required to verify the accuracy and authenticity of customer information before restoring access to dormant accounts.
The revised guidelines also introduce new disclosure requirements. Banks must publish limited details about dormant accounts on their websites, including the account holder’s name, account type, bank name and branch address. They must also publish this information annually in at least two national newspapers.
State and microfinance banks are exempt from the newspaper publication requirement but must display the relevant information across all their physical locations. The new circular takes immediate effect and replaces an earlier directive issued on February 17, 2025.
