Economy
Naira Depreciates to N463/$ at Black Market
By Adedapo Adesanya
The Naira depreciated by N2 against the American Dollar at the black market on Thursday, July 9 as the market continues to come under pressure following a proposed unification of exchange rates.
At the segment of the foreign exchange market, the local currency closed at N463/$1 yesterday compared with the previous day’s N461/$1.
At the same segment, the local currency fell by N4 against the Pound Sterling to close at N562/£1 as against the previously traded rate of N558/£1, while the Naira ended the session with a N1 drop against the Euro to close at N505/€1 from N504/€1 published at the previous session.
However, at the Investors and Exporters (I&E) window of the market on Thursday, the Naira appreciated by 0.06 percent or 15 kobo to close at N386.50/$1 versus N386.75/$1 it was previously published at the market.
This happened amid the day-on-day increase in demand for the greenback by 110.6 percent or $13.23 million as daily market turnover stood at $25.19 million compared with $11.96 million transacted on Wednesday.
However, at the interbank segment of the market, the value of the Naira to the Dollar remained unchanged yesterday at N381/$1.
Meanwhile, at the Bureau De Change (BDC) market, the Naira depreciated against the Dollar by N4 in Lagos to N464/$1 from N460/$1 it recorded previously. Against the British pounds, the domestic currency shed N9 to trade at N568/£1 compared to N559/£1 previously traded and against the Euro, it closed flat at N504/€1.
In Port Harcourt, the local currency weakened against the US Dollar by N1.50 to N461.50/$1 from N460/$1 and lost N4 against the Pound to N559/£1 from N555/£1, and lost N2 on the Euro at close at N505/€1 versus N503/€1.
The Naira/USD exchange rate at the Abuja market fell N3 to N460/$1 against N457/$1 and recorded no changes against the Pound and the Euro at N547/£1 and N492/€1 respectively.
Also, at the Kano BDC market, operators traded the local currency against the Dollar, Pound and Euro at the previous rates of N460/$1, N540/£1 and N490/€1 respectively.
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.
