Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

Dormant Accounts: CBN Fines Erring Banks

Somto NwanoluebySomto Nwanolue
April 14, 2023
in News
0
Dormant Accounts: CBN Fines Erring Banks
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria, CBN, has given a minimum fine of N2 million as a penalty on banks that disobey its new guidelines on the management of dormant accounts, unclaimed balances and other financial assets in banking institutions in the country.

According to the CBN, a dormant account is a bank account that has remained inactive for at least one year and an account is classified inactive if there has been no customer or depositor-initiated transaction for six months after the last customer or depositor-initiated transaction.

In the guidelines broadcasted in a circular signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi, the apex bank had added that a further daily penalty of N200,000 will be applied until full compliance with the directive.

In its electronic fact sheet for 2021, the Nigeria Interbank Settlement System, NIBSS revealed that the number of bank accounts stood at 191.4 million as of December 2021, and the number of active bank accounts was 133.5 million owned by 122.3 million active bank customers.

This data indicates that 57.9 million inactive accounts were recorded during the period.

Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

Related Posts

US Troops on Standby In Anticioation of Massive, Coordinated Anti-Trump Protests
News

US Troops on Standby In Anticipation of Massive, Coordinated Anti-Trump Protests

October 18, 2025
Blood Spills in Peru as Gen Z Fights a Broken System
News

Blood Spills in Peru as Gen Z Fights a Broken System

October 16, 2025
What is the Daily Cost of a US Government Shutdown to the Economy?
News

What is the Daily Cost of a US Government Shutdown to the Economy?

October 15, 2025
Next Post
Aviation Workers Threaten Strike Over Minimum Wage

Aviation Workers Threaten Strike Over Minimum Wage

Fans Excited After Tunde Kelani Announced the Sequel for “Saworoide”

Fans Excited After Tunde Kelani Announced the Sequel for "Saworoide"

Davido’s Aide, Isreal DMW, Breaks Silence On Contract With Online Vendor

Davido's Aide, Isreal DMW, Breaks Silence On Contract With Online Vendor

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Access Bank Reduces Its Operating Hours, Spends More Than 77 billion Naira on Energy.

Access Bank Reduces Its Operating Hours, Spends More Than 77 billion Naira on Energy.

3 years ago
Dozens Abducted by Armed Men in Ethiopia Bus Attack

Dozens Abducted by Armed Men in Ethiopia Bus Attack

7 months ago
Anambra Assembly Passes Bill to Ban Touting

Anambra Assembly Passes Bill to Ban Touting

2 years ago
Australia Plans Social Media Ban for Kids Under 16

Australia Plans Social Media Ban for Kids Under 16

12 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

“Why I Later Supported Regina Daniels’ Marriage” To Ned Nwoko — Rita Daniels

Iyabo Ojo Celebrates as Priscilla and Juma Jux Arrive Nigeria with Grandchild

“How I Surpass Michael Jackson in Classics” – Sir Shina Peters

Ryan Taylor Reveals Why His Engagement to DJ Cuppy Ended After Less Than a Month

NBA 2025-26 Season Preview: Will OKC Be Able to Repeat or Is It Luka, Giannis, and Jokic Who Will Grab the Spotlight?

Tensions Rise in Spain as Real Madrid Challenge a Game That Won’t Be Played at Home

Trending

Sean Dyche Appointed as Nottingham Forest New Head Coach
Sports

Sean Dyche Appointed as Nottingham Forest New Head Coach

byHashim Kolawole
October 21, 2025
0

Sean Dyche has been named by Nottingham Forest as their new head coach, the club announced on...

Movie Review: MeadBowbrook Heart – A Touching Story That Suffers from Slow Pacing

Movie Review: MeadBowbrook Heart – A Touching Story That Suffers from Slow Pacing

October 21, 2025
Blaqbonez Spills His Controversial Marriage Secrets

Blaqbonez Spills His Controversial Marriage Secrets

October 21, 2025
“Why I Later Supported Regina Daniels’ Marriage” To Ned Nwoko — Rita Daniels

“Why I Later Supported Regina Daniels’ Marriage” To Ned Nwoko — Rita Daniels

October 21, 2025
Iyabo Ojo Celebrates as Priscilla and Juma Jux Arrive Nigeria with Grandchild

Iyabo Ojo Celebrates as Priscilla and Juma Jux Arrive Nigeria with Grandchild

October 21, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Sean Dyche Appointed as Nottingham Forest New Head Coach
  • Movie Review: MeadBowbrook Heart – A Touching Story That Suffers from Slow Pacing
  • Blaqbonez Spills His Controversial Marriage Secrets

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com