The Importance of Managing Dormant Accounts in Banks

During the recent 296th meeting of the Monetary Policy Committee, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, highlighted the risks associated with dormant accounts in banks. He emphasized that leaving accounts dormant can make them more susceptible to fraud, as fraudsters may try to access the funds. To address this issue, the CBN directed financial institutions to transfer funds from dormant accounts to its custody for safekeeping.

Cardoso explained that the purpose of this directive is to reunite dormant account funds with their rightful owners, while also standardizing the management of such accounts. The goal is to ensure the safety of these funds and prevent them from falling into the wrong hands.

Additionally, the MPC discussed the impact of duty waiver for food imports and highlighted the need for a clear exit strategy to avoid potential setbacks in domestic food production. While the measures are expected to moderate food prices in the short term, it is essential to monitor their effectiveness and ensure fair pricing across the country.

Overall, the CBN remains optimistic about economic growth projections for Nigeria and is taking proactive steps to support small and medium-scale enterprises through various initiatives.

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