Through the planet money podcast, I learnt about the way the American Federal Deposit Insurance Corporation (FDIC) insures private deposits in banks. A bank pays a certain premium to be insured by the FDIC, and private deposits up to 250,000 dollars are insured. If a bank that is insured by the FDIC goes bust, individuals who have up to 250,000 in the banks are paid back their money by the FDIC. Anything above that is not insured. Corporate deposits are also not insured by the FDIC. This got me thinking about the Nigeria Deposit Insurance Corporation so I went over to their website to check it out, especially since there are currently talks about the state of Nigerian banks. Basically the same thing happens, only that the amount insured is only 50,000 naira (about 341 dollars). You can check out their website.