The Central Bank of Nigeria (CBN) has dropped the mandatory requirement for affidavits when customers seek to reactivate dormant accounts. In a circular dated March 12, 2026, and issued to banks and other financial institutions, the apex bank stated that it had “rescinded the requirement under Section 8.0 (ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” following representations from stakeholders.

According to the circular, which was signed by the Director of the Financial Policy and Regulation Department at the CBN, Dr. Rita Sike, the decision forms part of measures to simplify the process of reactivating dormant accounts while maintaining safeguards to protecting the integrity of the financial system. The CBN, however, emphasised that banks and other financial institutions must continue to apply enhanced due diligence when handling requests to reactivate dormant accounts.

“Notwithstanding this rescission, banks and OFIs shall continue to apply enhanced due diligence by implementing robust safeguards to verify the accuracy and authenticity of customer information during dormant account reactivation,” the circular stated. The apex bank also stated that the removal of the affidavit requirement only applies to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund(UBTF) Pool Account.

“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 said. It also said that the exemption does not apply to funds that have already been transferred to the Unclaimed Balances Trust Fund.

“This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory under Section 9.0 (iii),” the CBN stated. The revised framework on the management of dormant accounts also introduces additional disclosure requirements for banks and other financial institutions concerning dormant accounts and unclaimed balances.

According to the circular, financial institutions must publish specific details about dormant accounts that have not been transferred to the UBTF Pool Account, as well as unclaimed balances already transferred to the fund.