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The Nigeria Deposit Insurance Corporation (NDIC) has commenced verification exercise for depositors of failed 14 banks and 22 Microfinance Banks (MFBs).

This was disclosed in a statement signed by Bashir Nuhu, director, Communication and Public Affairs Department.

According to the NDIC, the verification exercise is geared towards the payment of insured sums to eligible depositors.

Depositors of the affected MFBs whose operating licences were recently revoked by the Central Bank of Nigeria (CBN) have been advised to visit the closed banks’ addresses and be verified by the NDIC’s officials.

They are also to visit the Corporation’s website for the list of the banks and to verify their claims.

NDIC also announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in liquidation.

The statement noted that while stakeholders of eight closed banks are to receive their first round of liquidation dividend payments, those of the other six are to be paid additional sums due to them as part of their liquidation dividends.

The release listed the banks as City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank. Others are Hilltop MFB, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The statement further advised eligible stakeholders of the banks to visit the Corporation’s offices nationwide for the verification of their claims or do so on the Corporation’s website.

The exchange rate of the naira to the U.S dollars closed flat at the official and unofficial market last week.

According to data from FMDQ securities, where Nigerian currency is legally exchanged, the naira concluded the week on Friday at N411.67 per US dollar, the same rate it began the week at.

Likewise, the black market exchange rate to the US dollar remained unchanged.

The Naira stayed around N500/$1 throughout the five days of trade, according to data released by abokiFX.com.

The flat rates across markets were helped by the Central Bank of Nigeria (CBN) $210 million injection in the market.

The cash injection was part of the bank’s attempts to maintain market liquidity as importers continue to complain about currency shortages.

CBN has continued to warn businesses and individuals against patronizing the parallel market, popularly called the black market.

The CBN had previously stated that patronizing the parallel market was contributing to the overheating of the foreign exchange market, describing the market as unrealistic.

The central bank also stated that businesses and speculators who use the black market will lose money.

“I can tell you that you are going to lose money. We are appealing to you, please stop and let’s do what is right, what is legal, so that Nigeria can continue to be a good place for you and I to live in,” the statement said.

Despite the backlash that trailed Nigeria’s consistent borrowing, the country has one of the lowest debts to Gross Domestic Product (GDP) among peers.

Latest data from National Bureau of Statistics (NBS) showed that states and federal debt portfolio as of March 31 stood at N33.11 trillion and nominal GDP of N152.32 trillion as of December 31, 2020.

When Nigeria’s national debt is broken down in relation to GDP, it stood at 22 percent.

Nigeria’s debt-to-GDP ratio of 22 percent compares favorably with other emerging countries such as South Africa (77 percent), Kenya (68.6 percent), and Vietnam (46.6 percent).

United Arab Emirates (UAE)’s debt to GDP is 38.33 percent while Brazil has 98.94 percent.

Other nations with similar economic characteristics as Nigeria including Mexico, Indonesia, and Turkey also have a higher debt to GDP ratio than Nigeria.

Mexico debt to GDP ratio stands at 60.59 percent as of the December 31, 2020 while Indonesia and Turkey have 36.62 percent and 36.77 percent respectively.

However, economists have continued to argue that the debt to GDP ratio does not fully reflects the true state of countries’ finances.

However, a study by the World Bank found that only countries whose debt-to-GDP ratios exceed 77 percent for prolonged periods experience significant slowdowns in economic growth.

The Economic Community of West African States (ECOWAS) pegged the maximum debt limit for West African countries at 70 percent.

Investors at the Nigerian stock exchange lost N40 billion as the market capitalisation fell to N19.59 trillion at the close of business on Monday.

This was 0.20 percent lower than the N19.63 trillion recorded on Friday.

All Share Index was also down by 73.01 basis points to settle at 37,658.26 from 37,585.25 achieved on Friday.

Investors traded 163.50 million shares valued at N3.43 billion in 3,562 deals on Monday.

This was lower than the 202.71 million shares valued at N2.40 billion that exchanged hands in 3,630 deals on Friday.

Ikeja Hotel led the gainers’ chart after gaining N0.10kobo to move from N1 to N1.10kobo per share.

Fidson gained N0.44kobo during trading to increase its share price from N5.56kobo to N6 per share.

Linkage Assurance share price rose by 7.69 percent to end trading at N0.70kobo from N0.65kobo per share.

Chams share price was up by 5 percent to move from N0.20kobo to N0.21kobo per share at the end of trading.

BOC Gas topped the losers’ chart after shedding N1.05 from its share price during trading to drop from N10.55kobo to N9.50kobo per share.

Royal Exchange share price declined from N0.63kobo to N0.58kobo per share following a loss of 7.94 percent in its share price.

Unity Bank share price plunged by 5.17 percent to end trading at N0.55kobo from N0.58kobo per share.

Mutual Benefit share price declined from N0.42kobo to N0.40kobo per share after losing 4.76 percent in share price during trading.

Honeywell Flour completed the list as its share price fell by 4.52 percent to end trading at N1.48kobo from N1.55kobo per share.

First Bank was the most active stock as investors traded 18.14 million shares worth N130.42 million.

UBA shares were traded at a volume of 13 million and valued at N94.23 million.

GTCO was next with 11.84 million shares traded at a cost of N355.40 million.

MTN Nigeria reported 9.20 million shares worth N1.50 billion, while Zenith Bank recorded over 8.81million traded shares at a value of N208.62 million.

The Central Bank of Nigeria (CBN) has finalized plans to distribute another 50,000 metric tonnes of maize from the strategic maize reserve (SMR) to 12 major producers as part of its Anchor Borrowers’ Programme (ABP).

According to the CBN the move, the third in the CBN’s program, will allow for market moderation and price control in Nigeria.

CBN also stated that the distribution is intended to limit the activities of middlemen who cause hoarding and artificial scarcity.

While confirming the release of the grains, the acting Director, Corporate Communications of CBN, Mr Osita Nwanisobi, was optimistic that the release would crash the prices of maize and reduce pressure on the market.

In a statement obtained from the CBN, Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds, were listed as recipients of the grains.

Others are Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.

Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC) Mele Kyari, has stated that for the corporation to recover costs, Premium Motor Spirit (PMS) also known as petrol would have to be sold to Nigerians at N256 per litre.

He spoke on Tuesday during an interview on Channels TV, where he also revealed that engagements are ongoing to determine appropriate pricing for PMS.

“The engagement is aimed at making sure there is a reasonable level of pricing that we can do that will recover the cost,” he explained.

Price of fuel haven’t been increased or reduced according to crude oil price and landing cost in the past four months due to threat of nationwide strike by the Nigerian Labour Congress.

Kyari said the country can’t afford to implement the market reality in the crude oil industry. He also explained that care must be taken in order not to burden Nigerians with overprice.

“…the second reality is if you don’t do something smart, you could end up throwing prices at Nigerians that are well above prices that they should pay for.” Kyari said.

Meanwhile, Kyari, who disclosed that the NNPC will soon release its 2020 audited accounts, said impending work on the dilapidated refineries is not a Turn Around Maintenance, but total rehabilitation.

He also reiterated that the creditors for the rehabilitation funds will operate the refinery upon completion in 48 months.

The Federal Government has disclosed that flights to the United Arab Emirates (UAE) are yet to resume due to the discriminatory nature of the protocol introduced by the UAE.

The Minister of Aviation, Sen. Hadi Sirika, made the remark during the briefing by the Presidential Steering Committee on COVID-19 in Abuja on Monday.

Sirika, who explained that the protocol appeared to be targeted at only Nigerians, added that it was discriminatory and not backed up scientifically.

He explained that UAE was insistent that all passengers intending to visit its country must use Emirates Airline or spend two weeks in the alternative carrier’s country before gaining entrance to Dubai.

The minister dismissed insinuations that the continuous delay in the resumption of flights was ego-related.

He, however, said that talks were ongoing to resolve the matter.

According to him, Emirates in particular and other airlines, including KLM, gave some conditions that were not acceptable to Nigeria because they don’t make scientific sense.

“After review, some of the airlines, especially KLM, saw sense with what Nigeria presented which is that you can do the test 48 hours to 72 hours before you leave and do another test on arrival.