Nigeria, May 2 -- The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate effect.

The NDIC Managing Director, Bello Hassan, disclosed this Thursday at a press conference.

He noted that the NDIC's Interim Management Committee (IMC) approved the adjustments during its 18th meeting on 24 and 25 April.

For commercial banks, NDIC increased the coverage from N500 thousand to N5 million offering full protection to 98.98 per cent of depositors, compared to the previous 89.20 per cent.

This adjustment substantially increases the value of deposits covered, reinforcing depositor confidence and mitigating the risk of bank run...