Economy
Panic As Naira Value Worsens at P2P, Black Market Amid Surge in Cryptos
By Adedapo Adesanya
The rate at which the value of the Naira is worsening against the United States Dollar at the Peer-2-Peer (P2P) and the black market segments of the foreign exchange (FX) market is already causing apprehension among some citizens.
On Thursday, July 13, the Nigerian currency performed badly against its American counterpart in the two windows of the forex market, further widening the exchange rate gap between the two segments and the official market, the Investors and Exporters (I&E) category.
In the P2P market, the local currency depreciated by N8.60 to sell at N819.00/$1 compared with the preceding day’s value of N810.40/$1, and in the parallel market, it slumped by N10 to quote at N810/$1 versus the previous session’s value of N800/$1.
But at the spot market, the Naira appreciated against the US Dollar yesterday by N36.21 or 4.63 per cent to settle at N746.28/$1 compared with the preceding day’s exchange rate of N782.49/$1, amid a 3.47 per cent or $3.14 million decline in the value of forex trades to $87.38 million from the $90.52 million reported a day earlier.
The domestic currency shed N8.44 against the Pound Sterling in the spot market on Thursday to close at N1,022.25/£1, in contrast to Wednesday’s value of N1,013.82/£1 and against the Euro, it lost N10.89 to finish at N874.66/€1 versus N863.77/€1.
Meanwhile, the cryptocurrency market traded upward as it picked up renewed optimism after a US court found that sales of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.
The sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts, the U.S. District Court of the Southern District of New York ruled Thursday. But the institutional sale of the tokens did violate federal securities laws, the court said.
This ruling brought ease to a market that has come under scrutiny from regulators and boosted investors’ sentiment.
Bitcoin (BTC) rose above $31,000 after a 3.9 per cent jump to sell at $31,472.37, Ethereum (ETH) gained 7.8 per cent to finish at $2,011.02, XRP surged by 66.8 per cent to $0.7875, and Solana (SOL) jumped by 32.5 per cent to $28.49.
Further, Cardano (ADA) appreciated by 26.8 per cent to trade at $0.3635, Dogecoin (DOGE) added 9.5 per cent to close at $0.0708, Binance Coin (BNB) recorded a 7.2 per cent rise to sell at $260.49, and Litecoin (LTC) grew by 5.4 per cent to $101.39, and the United States Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
