Economy
Naira Appreciates to N1,082/$1 at Official Market, Bitcoin Falls
By Adedapo Adesanya
The Naira appreciated on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, January 10 by 0.7 per cent or N7.19 to N1,082.32/$1 from the N1,089.51/$1 it was exchanged in the preceding session.
However, in the same market segment, the domestic currency weakened against the British Pound Sterling by N132.42 to close at N1,219.32/£1 versus the previous day’s N1,086.90/£1 and crumbled against the Euro by N111.78 to sell at N1,048.31/€1 compared with Tuesday’s closing price of N936.52/€1.
Data from the FMDQ Securities Exchange showed that in the midweek session, the value of foreign exchange (FX) transactions surged by 148.9 per cent or $145.15 million to $242.60 million from the $97.45 million recorded in the previous day.
In the Peer-to-Peer (P2P) arm of the market, the local currency weakened against the greenback yesterday by N9 to sell at N1,239/$1 versus the preceding day’s value of N1,230/$1.
Similarly, the Nigerian currency lost N5 against the US Dollar on Wednesday in the black market to trade at N1,245/$1, in contrast to the N1,240/$1 it was exchanged a day earlier.
Renewed headwinds have replaced hopes that came from recent buffers provided to stabilise the market and the Naira is trading above the N1,000 mark at the official market.
FX supply issues in Nigeria are forcing companies to take on new approaches.
On Tuesday, Business Post reported that Cadbury Nigeria Plc was planning to convert FX loans from its parent firm, Cadbury Schweppes Overseas Limited, into equity to cut higher financing costs.
A look at the cryptocurrency market yesterday showed that the coins were majorly pointing south after the US Securities and Exchange Commission approved rule changes to allow the creation of Bitcoin exchange-traded funds (ETFs) in the US.
This long-awaited move will give regular investors access to the controversial and volatile cryptocurrency.
The approval may prove to be a landmark event in the adoption of cryptocurrency by mainstream finance, as the ETF structure gives institutions and financial advisors a familiar and regulated way to buy exposure to BTC.
However, BTC was one of the losers as it lost 2.6 per cent to trade at $45,465.23, while Solana (SOL) depleted by 4.5 per cent to sell at $96.84, and Cardano (ADA) slid by 4.3 per cent to $0.5015.
Further, Binance Coin (BNB) recorded a 2.0 per cent loss to sell at $298.37, Ripple (XRP) fell by 1.4 per cent to $0.56, and Dogecoin (DOGE) declined by 1.2 per cent to $0.0784.
But Ethereum (ETH) improved by 3.4 per cent to sell at $2,373.92, and Litecoin (LTC) grew by 0.3 per cent to trade at $66.75, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) 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.
