Business
Dormant Accounts: CBN Slams N2m Fine On Erring Banks
The Central Bank of Nigeria, CBN, has slammed a minimum fine of N2 million as penalty on banks that disobey its new guidelines on the management of dormant accounts, unclaimed balances and other financial assets in financial institutions in the country.
CBN defines a dormant account as a bank account that has remained inactive for a period of at least one year. An account is classified inactive if there has been no customer or depositor-initiated transaction for a period of six months after the last customer or depositor initiated transaction.
In the guidelines announced in a circular signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi, the apex bank added that a further daily penalty of N200,000 will be applied until full compliance.
READ ALSO: CBN Warns Against Fake Recruitment Portal
The apex bank stated: “A contravention of any provision of the guidelines shall attract a penalty of not less than N2 million. Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N200,000 daily until the directive is complied with or as may be determined by CBN.”
According to CBN, the guidelines were rolled out in response to the request of banks and other stakeholders for the apex bank to further clarify the procedure for the management of dormant and inactive accounts by banks in Nigeria.
The guidelines: “The financial institution shall bear the costs of maintaining inactive and dormant accounts as well as contacting the customers; Render quarterly reports on dormant accounts in a prescribed format to Banking Supervision Department and Other Financial Institutions Supervision Department, CBN; Notify account owners in writing through the agreed medium such as email, text message, and letter immediately an account becomes inactive/dormant; Reactivate dormant accounts upon request by the account owner or his/her legitimate representatives; Continue to reflect dormant account balances as deposit liabilities and such balances, where applicable, shall continue to earn interest until they are transferred to CBN.”
READ ALSO: Security Votes: Governors Meet With EFCC, ICPC, FIRS, CBN On Tuesday
In its electronic fact sheet for 2021, the Nigeria Interbank Settlement System, NIBSS, stated that the number of bank accounts stood at 191.4 million as at December 2021, while the number of active bank accounts were 133.5 million owned by 122.3 million active bank customers.
This indicates that 57.9 million inactive accounts were recorded during the period, VANGUARD reports.
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
READ ALSO:Dangote Sugar Announces South New CEO
Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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