NDIC Quarterly Journal

MAR/JUN 2024 VOLUME 39, NUMBER 1 & 2

EDITORIAL BOARD

Editor-in-Chief
K.S. Katata, Ph.D.

Members

• Prof. A.U. Sanda
• Prof. C. U. Aliyu
• Prof. A. A. Salisu
• J. G. Donli, Ph.D.
• B. Adedipe, Ph.D.
• Prof. B. Sabo
• Prof. K. T. Hamid
• Prof. L. N. Aisien
• J. A. Afolabi, Ph.D.

Associate Editors

• A. Abdulraheem, Ph.D.
• I. S. Alley, Ph.D.
• I. M. Idris, Ph.D.
• C.E. Ozoemena, Ph.D.
• W. M. Galadima, Ph.D.
• J. S. Garko, Ph.D.
• F. Dosumu
• O.M. Adeboje, Ph.D.

Secretariat

• A. A. Elayo
• M. G. Musa
• O. D. Akinyebi

This Journal is a Quarterly Publication of the Nigeria Deposit Insurance Corporation (NDIC). Enquiries should be addressed to the Editor, NDIC Quarterly, Research, Policy, and International Relations Department, Nigeria Deposit Insurance Corporation, P.M.B. 284, Abuja, Nigeria. Electronic submissions are encouraged and should be sent to editor.quarterly@ndic.gov.ng.

The views expressed in the articles are those of the authors and do not represent the official position of the NDIC.

This Journal is solely financed by the NDIC towards the advancement of knowledge in Economics, Finance, Banking and Deposit Insurance practices.

© Copyright and Published by the Nigeria Deposit Insurance Corporation ISSN: 1115-0807 (Print), 2636 7203 (Online)

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NDIC Vision

To be one of the best Deposit Insurers in the world.

NDIC Mission

To protect depositors and contribute to the stability of the financial system through effective supervision of insured institutions, provision of financial and technical assistance to eligible insured institutions, prompt payment of guaranteed sums, and orderly resolution of failed insured financial institutions.

NDIC Core Values

In its commitment to public service, the NDIC employees have a tradition of distinguished public service guided by the following five core values:

• Integrity & Accountability
• Respect & Fairness
• Professionalism
• Teamwork
• Passion

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TABLE OF CONTENTS

CONTENT PAGE

• Review of Macroeconomic Developments in the First Quarter, 2024.....................................................4
• Review of Macroeconomic Developments in the Second Quarter, 2024....................................................19
• Financial Condition and Performance of Deposit Money Banks in the First and Second Quarter, 2024....35
• Activities of the NDIC in the First Quarter, 2024.........................................................................................41
• Activities of the NDIC in the Second Quarter, 2024......................................................................................47
• Impact of Monetary Policy on Financial Openness in Nigeria........................................................................53