The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publish details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
The directive, issued in a circular on Monday, outlines new regulations for handling inactive accounts.
A dormant account is one that has not been used for at least a year.
Under the new rules, banks must list the names of individuals authorized to operate these accounts, the type of account, and the branch where it is held.
Financial institutions without websites must publish this information on the websites of their industry associations.
To address concerns about data privacy, the CBN cited legal provisions that allow certain exceptions.
The information will also be published annually in at least two national newspapers and displayed at state and unit microfinance bank offices.
Meanwhile First Bank of Nigeria has issued an important notice to customers regarding the expiration of cheques issued under the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) 2.0.
According to the bank, the first batch of these cheques, issued in November 2019, have reached their five-year validity period and are no longer valid for payments.
The bank, in line with a recent directive from the Central Bank of Nigeria (CBN), urged customers to verify the expiry date on their cheques, found at the bottom-right corner of the MICR line.
Those with expired cheques are advised to visit any First Bank branch to request a new cheque book to avoid disruptions in transactions.
