The Nigeria Deposit Insurance Corporation, NDIC has increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million.
NDIC Managing Director, Bello Hassan, who made the disclosure on Thursday at a media conference in Abuja, the nation’s capital said the changes take immediate effect.
The deposit insurance coverage is paid by NDIC to customers with accounts in banks that have failed and are liquidated.
(Editor: Terverr Tyav)
