The Central Bank of Nigeria (CBN) has a significant rescinded its recent directive regarding funds in dormant accounts.
The CBN Governor, Olayemi Cardoso, announced this decision on July 29, 2024, just ahead of a planned nationwide protest.
The original directive required that funds in dormant accounts be taken over by the CBN, a move that had sparked widespread concern and opposition.
The latest announcement now permits next-of-kin to claim funds from dormant accounts, reversing the previous directive. This policy change is seen as a response to mounting pressure from various groups and public discontent over the original decision.
The CBN’s decision to allow next-of-kin to claim the funds aims to address the concerns raised by the public and mitigate the impact of the upcoming protests. This move is expected to ease tensions and provide a more equitable solution for those affected by the dormant account regulations.
The central bank further assured the public that it will continue to monitor the situation closely and adapt its policies as needed to address any emerging issues.
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