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NDIC raises deposit insurance coverage level for banks nationwide

 

The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage level for depositors of all categories of financial institutions in the country.

The Managing Director, NDIC, Mr Bello Hassan disclosed this as a press conference in Abuja on Thursday.

Hassan said the Corporation made the decision for the increase during its Interim Management Committee (IMC) meeting on April 24 and 25.

NDIC raised the maximum deposit insurance coverage for Deposit Money Banks (DMBs) from N500,000 to N5,000,000

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