The Nigeria Deposit Insurance Corporation (NDIC) has increased deposit insurance coverage for all licensed deposit-taking financial institutions.
NDIC disclosed this in a post on its Facebook page on Thursday.
Deposit insurance protects depositors’ funds in the event of a bank failure.
NDIC managing director and chief executive officer (CEO), Bello Hassan said the deposit insurance coverage for commercial banks was increased from N500,000 to N5 million.
Hassan said the increase provides coverage for 98.98 percent of depositors in Nigeria.