Depostors’ funds safe in Nigerian banks – NDIC

The Nigerian Deposit Insurance Corporation has said
that Nigerian depositor’s funds are safe in the nation’s
banks and other financial institutions, in spite of the
uncertainty in global financial system.
The Corporation’s Director in charge of its Assets
Management Department, Mr Bashir Umar, told
journalists in Sokoto on Thursday that, ”The NDIC is
there in case of any failure of the banks and other financial
institutions to honor their statutory obligations.
”Therefore, Nigerians have nothing to worry about as
they are in safe hands and the corporation is there to duly
regulate their activities, as well as help in absorbing any
unexpected shocks in the system.”
Umar further urged Nigerians to continue to have
sustained confidence in the banks and other related financial
institutions.
The Director said the Nigeria economy was safe, in spite
of the dwindling oil revenue occasioned by its current
global market.
”Over 90 per cent of the income of Nigeria is dependent
on oil revenue, while its price had recently dwindled by
about 30 per cent.
”Nigeria’s foreign exchange earnings are therefore less now
but the nation is not at any financial risk,” Umar, said.
He said the recent adjustment of the value of the Nigerian
Naira by the Central Bank of Nigeria from between
N155 and N165 to a US dollar to between N165 and
N175 should not cause any panic.
Umar explained that the action of the nation’s apex bank
was in line with the desire of the Federal Government to
make the country’s economy stronger and resilient.