Depositors are urged by the Nigeria Deposit Insurance Corporation (NDIC) to only use deposit banking institutions that hold a licence from the Central Bank of Nigeria (CBN).

This was said by Mr. Bello Hassan, the Managing Director of the NDIC, during a Thursday briefing to reporters on the revision of the maximum deposit insurance coverage level for depositors of bankrupt banks in Abuja.

Hassan warned depositors not to be duped by some non-licensed deposit financial institutions’ enticing interest rates, stating that only CBN-licensed deposit financial institutions were covered by the NDIC.

In the event of any dissatisfaction he said, depositors could only file a lawsuit or submit disputes with licenced deposit financial institutions to the CBN and the NDIC.

He stated that the websites of the CBN and NDIC had a list of financial institutions that were licenced to take deposits.

Hassan went on to say that only depositors of banks with licences will receive the full amount of deposit insurance from the NDIC.

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