CBN, NDIC to Establish Fund to Guarantee Depositors’ Funds Safety

•Aims to aid timely creation of bridge bank

By Obinna Chima

The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have been empowered to establish a Banking Sector Resolution Fund to ensure the safety of depositors’ funds as well as financial system stability.

The powers to set up the resolution fund is contained in the Banks and Other Financial…

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