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The short answer
Nigerian banks must manage dormant accounts and unclaimed balances under CBN Guidelines issued on 19 July 2024, supported by FAQs (26 July 2024) and follow-up circulars of 17 February 2025 and 12 March 2026. Long-unclaimed balances are moved into a CBN-managed trust arrangement rather than kept by the bank, and the owner or their estate can still reclaim them.
The rules at a glance (as of October 2026)
| Date | CBN document | Role |
|---|---|---|
| 19 Jul 2024 | Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria | The main rulebook |
| 26 Jul 2024 | Frequently Asked Questions on the Guidelines | Explains how the Guidelines apply |
| 17 Feb 2025 | Re: Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets | Follow-up instructions to institutions |
| 12 Mar 2026 | Re: Guidelines on Management of Dormant Accounts (FPRD circular) and a dormant account clarification circular (CCD) | Further clarification |
Key terms
- Inactive account
- An account with no customer-initiated transaction for a defined period. The bank may restrict some channels.
- Dormant account
- An account with no customer-initiated transaction for a longer defined period. Debits are usually blocked until the customer reactivates the account with fresh identity checks.
- Customer-initiated transaction
- A transaction you start, such as a withdrawal or transfer. Bank charges, interest credits and incoming transfers generally do not count.
- Unclaimed balance
- Money in an account, or in another financial asset such as an unpaid draft or dividend, that has gone unclaimed beyond the period in the Guidelines.
- Trust arrangement
- Under the 2024 Guidelines, long-unclaimed balances are transferred from institutions into a pooled trust fund managed under CBN oversight, rather than kept by the bank. They remain claimable.
Why it matters
- Access: a dormant account can stop you receiving salary, paying bills or using cards from it until it is reactivated.
- Estates: balances of people who have died often become dormant. Families may not know the accounts exist.
- Diaspora: Nigerians who move abroad often leave accounts untouched. See NRBVN for maintaining a BVN from abroad.
- Fraud risk: an unused account with an old phone number or email may not send you alerts, so you may not notice misuse quickly.
How to reactivate a dormant account
- Contact your bank through its official app, website or branch. Ask whether the account is inactive or dormant and what it needs.
- Provide valid identification and your BVN. Many banks also ask for a recent utility bill, passport photograph or a reactivation form.
- Update your phone number and address so you receive alerts. Contact details often change while an account is unused.
- Make a customer-initiated transaction once the restriction is lifted, so the account is treated as active.
- Check your statement for any charges applied while the account was unused, and query any that look wrong against the CBN Guide to Charges.
Reclaiming money for a deceased relative
The executor or administrator of the estate usually needs the death certificate, letters of administration or a grant of probate, their own identification, and evidence linking the deceased to the account. Start with the bank. If the balance has already been transferred under the Guidelines, the bank should tell you how to claim it from the trust arrangement.
Questions to ask your bank
- Is the account inactive, dormant, or already transferred as an unclaimed balance?
- Which channels are blocked, and will incoming transfers such as salary still be credited?
- What documents do you need, and can reactivation be started in the app or only at a branch?
- Were any charges applied while the account was unused, and on what basis?
- If the balance has been transferred, what is the claim process and how long does it usually take?
Example: Ada opened a savings account at university and stopped using it after moving her salary to another bank. Years later she finds ₦180,000 in it. Before travelling to a branch, she asks the bank by email whether the account is dormant or transferred, which documents it needs, and whether she can start reactivation in the app. Asking first avoids a wasted trip and tells her which process applies. Once the account is active again, she either moves the money and closes the account, or sets a monthly reminder to make one small transfer from it.
Avoiding dormancy
- Make at least one customer-initiated transaction, such as a small transfer, on every account at least every few months.
- Close accounts you no longer need, after moving the balance.
- Keep a list of all your accounts, including the bank, account type and NUBAN, somewhere your family can find it.
- Tell a trusted family member or your executor where your account list is kept, so that balances can be traced if something happens to you.
- Check that your BVN is linked to each account so that it can be identified later. See BVN facts and rules.
How we put this together
The list of Guidelines, FAQs and circulars, with their dates and issuing departments, is from the CBN circulars index read on 17 October 2026. Because the CBN’s PDF server did not allow automated download, we describe the structure of the rules (inactive, dormant, unclaimed and transfer to a CBN-overseen trust pool) without quoting periods, deadlines or the name of the fund, and we give reactivation and estate steps as common bank practice rather than as CBN requirements. If you need the exact thresholds, read the Guidelines and FAQs at the links below.
Questions people ask
How do I reactivate my dormant account in Nigeria?
Contact your bank, provide valid ID and your BVN, update your contact details, then make a transaction once the restriction is lifted.
What happens to money in dormant accounts in Nigeria?
It stays yours. Under the CBN’s 2024 Guidelines, long-unclaimed balances are moved into a CBN-overseen trust arrangement and can still be reclaimed.
Do incoming transfers stop an account becoming dormant?
Generally not. Dormancy is based on customer-initiated transactions, such as withdrawals or transfers you make.
Which CBN rules cover unclaimed balances?
The Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets of 19 July 2024, with FAQs and circulars issued in 2024, 2025 and 2026.
Sources
- CBN: Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets (19 Jul 2024) · accessed 17 Oct 2026
- CBN: FAQs on the Guidelines for the Management of Dormant Accounts and Unclaimed Balances (26 Jul 2024) · accessed 17 Oct 2026
- CBN: Re: Guidelines on Management of Dormant Accounts and Unclaimed Balances (17 Feb 2025) · accessed 17 Oct 2026
- CBN: Dormant account clarification circular (12 Mar 2026) · accessed 17 Oct 2026
- CBN: Circulars index · accessed 17 Oct 2026
- NIBSS: Bank Verification Number (BVN) · accessed 17 Oct 2026
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