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The short answer
Banks can usually close an account on notice without giving a reason, and where they suspect financial crime the law often stops them from explaining. Your priorities are to get the remaining balance paid to you, find out whether a fraud marker has been recorded, complain formally if you think the decision was wrong, and open a replacement account; in the UK the largest banks must offer a fee-free basic account to eligible residents.
A letter or app message saying your account will close in a few weeks, with no explanation, is one of the more unsettling things that can happen to a Nigerian living abroad. Salary, rent and direct debits all depend on that account. The good news is that a closure does not freeze your money for ever and does not stop you banking elsewhere. Acting quickly and calmly helps.
Why banks close accounts linked to Nigeria
Banks call it de-risking: ending relationships they see as higher risk or costly to monitor, rather than managing them case by case. Common triggers include:
- Large or frequent transfers to or from Nigeria that the bank cannot match to your known income.
- Cash deposits out of line with your stated job.
- Payments from people the bank does not know, for example friends paying you to send naira for them.
- Not answering a request for information about your account or a transaction in time.
- A fraud database marker, sometimes after your account received money from a scam victim without your knowledge.
- A change in the bank's own risk appetite for certain countries or customer types.
Country risk has shifted. The FATF announced on 24 October 2025 that Nigeria was no longer subject to increased monitoring (the "grey list"). In UK law, the automatic enhanced checks for high-risk third countries in regulation 33 of the Money Laundering Regulations 2017 are tied to the FATF lists. Removal does not stop individual banks treating Nigerian links as higher risk under their own policies, but it removes one formal reason.
What the bank owes you
Notice
In the UK, payment account contracts can be ended by the bank on notice. Law firm Bird & Bird reported in 2025 on draft regulations extending the minimum notice for consumer payment accounts to 90 days from 28 April 2026, with an exception where financial crime is suspected; check your bank's terms and current GOV.UK guidance for the period that applies to you. Elsewhere, look at the account terms you agreed and the local banking regulator's pages.
Reasons
Banks generally do not have to give reasons and, where they have reported a suspicion, are often legally prevented from doing so. Ask anyway, in writing. A bank that closed the account over an unanswered information request may simply tell you.
Your money
A closure is not a confiscation. Ask the bank in writing to pay the closing balance to another account in your name and to send a closing statement. If the bank has frozen the funds pending a review, ask what it needs from you. The UK Financial Ombudsman Service, in its guidance to firms on frozen accounts, says it looks at the bank's reasons, evidence, proportionality, communication and the financial harm caused.
Steps, in order
- Download statements for at least the last 12 months while you still have access.
- Move direct debits, salary and standing orders to another account you already hold, or open one now.
- Write to the bank asking for the reason, the closing balance, how it will be paid and whether any information was passed to a fraud database.
- If you think a fraud marker was recorded (in the UK, the Cifas National Fraud Database is the one most often discussed), ask for a copy of your data and challenge it if it is wrong.
- Complain formally. The Financial Ombudsman says a business usually has up to 8 weeks, or 15 days for payment services complaints, and you have 6 months from the final response to refer the complaint to it. The service is free.
Opening a new account
Under the UK Payment Accounts Regulations 2015, the nine largest current account providers must offer a fee-free basic bank account to people legally resident in the UK who do not already have a payment account with basic features, or who do not qualify for the bank's other accounts. GOV.UK lists them as Barclays UK, Co-operative Bank, HSBC UK, Lloyds Banking Group (including Halifax and Bank of Scotland), Nationwide, NatWest Group, Santander UK, TSB and Virgin Money. Ireland has a basic bank account with no everyday fees in the first year, according to Citizens Information. Be honest on the new application if asked about previous closures.
Our guides to opening an account abroad and using a Nigerian passport as ID cover the documents. If your transfers home triggered questions before the closure, read why banks abroad ask about your Nigerian links.
Where Pryme fits
A Pryme account can be opened from any country and holds pounds, dollars, euros and naira with local account details. Outside Nigeria, its financial services are provided through regulated partners, and it is not a replacement for a local current account if you need one for salary or rent. It can, however, keep transfers to Nigeria in one clearly documented place, with statements you can generate as verifiable documents (receipts and statements).
Questions people ask
Can a bank close my account without telling me why?
Usually yes. Banks can close on notice and, where they suspect financial crime, are often barred from explaining. You can still ask, complain and get your balance back.
How do I get my money back after a bank closes my account?
Write asking for the closing balance to be paid to another account in your name, with a closing statement.
Did Nigeria's FATF grey list status cause my account closure?
Nigeria left the FATF increased monitoring list on 24 October 2025. Banks may still apply their own risk policies.
Can I open a new bank account in the UK after a closure?
Often yes. The nine largest UK providers must offer basic bank accounts to eligible legal residents.
Sources
- FATF: Jurisdictions under increased monitoring, October 2025 · accessed Oct 2026
- Bird & Bird: Draft regulations on payment account closures and notice periods · accessed Oct 2026
- Financial Ombudsman Service: How to complain · accessed Oct 2026
- Financial Ombudsman Service: Frozen accounts and blocked payments · accessed Oct 2026
- GOV.UK: Basic bank accounts · accessed Oct 2026
- Citizens Information: Opening a bank account · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.