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An Authorization Letter To Close Bank Account is a crucial document in Nigerian banking operations that facilitates the formal closure of bank accounts. This document is required when account holders wish to terminate their banking relationship, whether due to relocation, account consolidation, or other personal or business reasons. The letter must comply with Nigerian banking regulations, including BOFIA 2020 and CBN directives, and typically includes account holder details, account numbers, explicit closure authorization, and instructions for remaining funds. It serves as protection for both the bank and the customer, creating a clear audit trail for the closure request. The document is particularly important in Nigeria's banking sector where formal documentation is essential for account management and regulatory compliance. It may be used by individuals, businesses, or organizations and must meet specific formatting and content requirements as prescribed by Nigerian banking laws and individual bank policies.

1. Letter Header: Includes date, bank's name and address, and appropriate salutation

2. Subject Line: Clear indication that this is an Authorization Letter for Account Closure

3. Account Holder Information: Full name, address, and contact details of the account holder

4. Account Details: Specific account number(s) and type(s) of account(s) to be closed

5. Authorization Statement: Clear and explicit statement authorizing the bank to close the specified account(s)

6. Remaining Funds Instructions: Specific instructions for handling any remaining balance in the account

7. Closing Statement: Request for confirmation of account closure and appreciation

8. Signature Block: Space for account holder's signature, name, and date