AS fear grips depositors of banks who were not able to update their bank accounts following the expiration of January 31, deadline given by the Central Bank of Nigeria (CBN), the apex bank has said it does not intend to close depositors account, but that the account update was part of the customer’s due diligence, which is acceptable world wide as a tool for the fight against money laundering and terrorism financing.
This clarifications became necessary as many bank customers who were not able to update their bank account have begun to panic over what becomes of  their deposits since their banks  now restrain them from  transacting any business on such accounts.
Mr. Mohammed Abdullahi, head, corporate communications, CBN told Business World Intelligence on Friday that those who were not able to comply with the CBN directive on account update would not be able to operate their accounts until they comply.
Investigations reveal that a larger percentage of those who were not able to update their accounts were market people, artisans, students and all those who were unable to provide identification documents acceptable to the banks such as Driver’s License, International passport and National Identity Card.
According to a customer of one of the rescued banks who was not allowed to update her account because she was not able to provide any of the banks’ acceptable identification, “I know that this update is in the interest of the bank customers but I would have expected my bank to accept my business identity card. I have been banking with this bank for a long time” she said.
Abdullahi said those who wanted to comply but due to some hindrances were not able to do so would still be allowed to update their accounts. “There is nothing wrong if banks continue to issue forms for the update”.
It would be recalled that CBN in  November, 2010 directed customers of all banks to update their accounts information by December 31, 2010, failing which the affected accounts would be suspended with effect from  January 1, 2011 and after a review of the progress made he exercise was extended for one month.