All Nigerian Depositors Are Fully Protected Under Enhanced Coverage, NDIC Says
The Nigeria Deposit Insurance Corporation (NDIC) announced that nearly all depositors in Nigeria’s financial system are adequately protected under its enhanced coverage framework, with coverage rates above 98% across various bank categories. Speaking at the Abuja International Trade Fair, NDIC Managing Director Thompson Oludare Sunday explained that deposit insurance limits have been raised to five million naira for Deposit Money Banks and related institutions, and two million naira for microfinance and mortgage banks.
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