The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso has stated that dormant accounts in Nigeria are more susceptible to fraudsters in Nigeria and the reason for the Central Bank of Nigeria (CBN) latest policy is for safe keeping of the funds in dormant accounts.
Mr. Yemi Cardoso stated this
during the 296th meeting of the apex bank’s Monetary Policy Committee (MPC)
where benchmark interest rate was raised by 50 basis points to 26.75%.
According to the CBN Governor,
the apex bank will keep the funds and would give it back to owners whenever
they come for it and the profits that accrue from it also.
He stated, “With respect to
dormant account, what I found personally if you leave account dormant in banks,
sometimes more than when you don’t leave them dormant in banks. In fact, most
times, they are more susceptible to fraudsters copying your identity and trying
to gain hold of the system to grab your money. So, that is a problem I think
most money banks face”
“The policy and the directive
is meant to ensure that all those monies come to the Central Bank for safe
keeping and it is at zero cost to the beneficiaries. All that will happen is
that the central bank will manage the money within our possession and when the
rightful owner surfaces, the money is returned plus whatever income is accrued
to you.”
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