Consider a graph $G$ with $N$ nodes, with the distance of each node initially set to infinity (there is no start node). If there are no negative cycles in the graph, then after $N - 1$ iterations of Bellman-Ford, any additional iterations will not modify the distances (the distances are stable).
On the other hand, if there are negative cycles in the graph, then the $N$th, $N+1$th, ... iterations will continue to decrease the distances of nodes reachable from any negative cycles in the graph.
The question is: will the $N$th (and only the $N$th) iteration relax every edge reachable from a negative cycle? That is, does it suffice to perform $N$ iterations to find all edges reachable from a negative cycle?