New naira: Your monies are safe, NDIC assures depositors

The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of the various commercial banks that their monies are safe following the inability of many customers to access their deposits due to the new naira policy being implemented by the Central Bank of Nigeria (CBN). The Managing Director/Chief Executive of NDIC, Malam Bello Hassan while speaking […]

The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of the various commercial banks that their monies are safe following the inability of many customers to access their deposits due to the new naira policy being implemented by the Central Bank of Nigeria (CBN).

The Managing Director/Chief Executive of NDIC, Malam Bello Hassan while speaking at the NDIC Special Day at the ongoing 44th Kaduna International Trade Fair yesterday said Nigerians have nothing to fear regarding their money in the various commercial banks.

The MD said, “We understand and appreciate the challenges people are facing due to the CBN new naira policy but I want to assure you that NDIC is doing everything possible to secure their deposits.

He appreciated the CBN for putting in place a monitoring committee to ensure the new naira notes are accessible to Nigerians across the country.

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He then called on the depositors and creditors of 30 closed microfinance, primary mortgage, and deposit money banks, to come for verification and payment of the excess of their guaranteed sums.

He noted that NDIC has realised enough funds to pay all depositors and creditors of the closed banks adding, “The deposit money banks, primary mortgage banks, the payment service banks and mobile money operators are all insured up to N500,000 per depositors per bank, while those of microfinance banks are insured up to N200,000 per depositor per bank.”

A KADCCIMA council member and former Minister of Environment, Hajiya Hadiza Ibrahim Mailafiya said KADCCIMA has remained committed to holding the fair despite all odds and challenges including the shortage of cash due to the naira swap and fuel scarcity to demonstrate its commitment towards enhancing Micro Small and Medium in the country.