CBN orders the closing of Unregistered Accounts

CBN orders the closing of Unregistered Accounts

Given the recent directive by the central bank of Nigeria (CBN), most banks in Nigeria have proceeded to take action. Recently some banks have commenced the closing of unregistered accounts belonging to associations.

The central bank of Nigeria stated that for any society, corporation, club, or association to have an account in a Nigerian bank, it must be registered with the Nigerian corporate affairs commission (C.A.C).

Some banks had earlier notified their customers about the closure that was to commence and the dates it was to commence.

The closure of the accounts also means that funds transfer, withdrawal, or any other form of monetary transaction cannot be carried out with the account until it is properly registered

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