Nigeria Deposit Insurance Corporation Description
About The Nigeria Deposit Insurance CorporationThe Nigeria Deposit Insurance Corporation is a government parastatal under the Ministry of finance charged with guaranteeing the payment of deposits up to the maximum limit in accordance with its statue in the event of failure of an insured financial institution. The NDIC supervises banks to protect depositors; encouraging monetary stability, an efficient system of payment as well as fostering competition in the banking sector. The NDIC ensures that failing and failed institutions are resolved in a timely and efficient manner.
History of The Nigeria Deposit Insurance CorporationThe Nigeria Deposit Insurance Corporation was set up in 1983 as a result of a report set up by the Board of Central Bank of Nigeria to examine the operations of the banking system in Nigeria. This resulted in the promulgation of Decree No. 22 of 15th June, 1988, which officially established the NDIC as part of the economic reform measures taken by the then government, to strengthen the safety net for the banking sector following its liberalization policy and the introduction of the 1986 Structural Adjustment Programme (SAP) in Nigeria.
SafetyThis is a very safe and secure location, there's no danger to visitors' safety here.
Best Time to Visit The Nigeria Deposit Insurance CorporationThe NDIC premises only allows visitations during working hours on weekdays.
Most Common VisitorsThe NDIC is visited mainly by bank stakeholders, insurance company representatives and government officials.
Weather at The Nigeria Deposit Insurance Corporation Nigeria Deposit Insurance Corporation is located in Abuja North-Central of Nigeria.Thus, it experiences three weather conditions every year. This includes a warm, humid rainy season and a blistering dry season. In between the two, there is a brief interlude of harmattan occasioned by the northeast trade wind, with the main feature of dust haze and dryness. Temperatures can drop to as low as 16 degrees during the harmattan period.