“Our focus is to create a level playing field so access is not concentrated among a few large corporates,” said a CBN official.
The approval was announced during the 39th Ordinary Session of the Assembly of the AU, during its February summit.
The NDIC boss said improved public knowledge of deposit insurance would reinforce trust and resilience within the financial sector.
The appreciation represents a 0.23 per cent increase from Monday’s rate, when the naira traded at N1,354.25 to the dollar.
The witness , an investigator with EFCC however, said he could not recall the total number of banks where officials hoarded currencies.
The naira on Monday opened the week with a gain at the official market, trading at N1,354.25 per dollar.
Nigeria is widely recognised as one of Africa’s most vibrant fintech hubs.
Mr Adepeju said options such as stocks, mutual funds and government bonds remained relevant.
The naira which has remained relatively stable due to CBN reforms, experienced weeklong gain.
NDIC has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Ltd.
