Currency Swap: Your Money Is Safe, NDIC Assures Depositors

The National Deposit Insurance Corporation (NDIC) has called on depositors not to panic over their inability to access their deposits in their respective banks due to the current scarcity of naira, saying their monies are safe.

They also called on 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.


The Managing Director/ Chief Executive of NDIC, Malam Bello Hassan stated this on Thursday during the NDIC Special Day at the 44th Kaduna International Trade Fair.

Hassan, who was represented by Tanko Ibrahim Yahaya, Manager Communications and Public Affairs noted that the current currency swap has nothing to do with people’s money in the bank.

Depositors need not worry. Their money is safe, he stressed.

On the closed banks, he said the corporation has realized enough funds to pay all depositors and creditors of the closed banks, adding that 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.

“Recently, the Corporation repeated it’s call to depositors of 20 closed banks on which it has declared full (i.e 100%) liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums.

“The implication of this is that through our dogged liquidation activities, the Corporation has realized enough funds to fully pay all depositors of the closed banks.


“Similar notices were also sent to creditors of seven DMBs in liquidation as well as depositors and ex-staffs of two MFBs and a PMB, details of which are still available on our website and social media handles.

“I call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds.


“We are happy to notify the general public that the Corporation has won the court case versus shareholders of the defunct Fortune Bank International, hence all depositors of the defunct bank can now visit our offices across the country to file their claims for the purpose of reimbursement of their trapped deposits in the bank or use the other channels,” Hassan said.

Speaking on the 44th Fair, which marked 50th anniversary of Kaduna Chambers of Commerce Industry, Mines and Agriculture, President of KADCCIMA, who was represented by Council member and former Minister of Environment, Hajiya Hadiza Ibrahim Mailafiya said the theme: ‘Promoting Value Addition for Sustainable Growth and Development’, said “Nigeria lose millions of dollars to non addition of value on our productions and exports”, adding that there is need for stakeholders to come together and see how they can engender value addition to products in the country.


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