The Central Bank of Nigeria (CBN) has announced a significant change in its guidelines regarding dormant bank accounts by removing the requirement for customers to present affidavits when reactivating such accounts. This decision was communicated through a circular dated March 12, 2026, which was sent to banks and financial institutions throughout the country. The bank's Director of the Financial Policy and Regulation Department, Rita Sike, signed the circular, signaling the regulatory shift aimed at easing the process for individuals seeking to access their dormant funds.

The abolition of the affidavit requirement comes after the CBN received feedback from various stakeholders who expressed concerns about the complications involved in reactivating dormant accounts. The central bank has emphasized that while it aims to simplify access to these funds, it will continue to implement safeguards to ensure the protection of the financial system's integrity. This balance between accessibility and security is crucial as the CBN navigates the complexities of customer needs and regulatory compliance.

This update is expected to benefit numerous Nigerians with dormant accounts, facilitating easier access to their savings that may have been previously inaccessible due to bureaucratic hurdles. By streamlining this process, the CBN aims to enhance customer relations and promote inclusivity within the financial sector, ultimately contributing to a more robust financial ecosystem in the country.