Economy
Naira Gains N3 at Black Market, Loses N1.29 at I$E
By Adedapo Adesanya
The Naira closed mixed on Monday, which was the first trading session of the week at the foreign exchange (forex) ahead of the two-day public holiday in Nigeria.
The Nigerian Naira, at the black market, closed stronger against the US Dollar by N3 to sell for N503/$1 compared with N506/$1 it traded last Friday.
It was observed that there was no rush for the hard currency on the streets yesterday and this contributed to the strengthening of the local currency against the greenback at the unregulated FX market window.
Also, at the parallel market, the domestic currency appreciated by N3 against the Pound Sterling on Monday to sell for N705/£1 in contrast to N708/£1 it was sold at the preceding trading day.
In the same vein, the Naira appreciated by N4 against the Euro yesterday at the same market segment to close at N592/€1 in contrast to N598/€1 of the preceding session.
However, the Naira performed badly against the American Dollar at the Investors and Exporters (I&E) window on Monday, depreciating by N1.29 or 0.31 per cent to end the session at N411.67/$1 versus N410.38/$1 of the prior trading day.
Unlike at the black market, the local currency came under FX demand pressure at the investors’ window as the turnover for the day rose by $51.64 million or 44.3 per cent to $168.19 million from $116.55 million, according to data from the FMDQ Securities Exchange.
But at the interbank segment, the Nigerian currency closed flat against the American Dollar at N410.13/$1 on Monday.
Sell-Off Persists in Crypto Market
At the cryptocurrency market, worries about the current global recovery amid a resurgence in coronavirus cases have weighed on digital assets, leading to sell-off from traders, coupled with a renewed crackdown in China on cryptocurrency trading and mining.
Major regions responsible for Bitcoin mining in China have forced operations to shut down. Bitcoin mining is an energy-intensive process that facilitates bitcoin transactions and creates new coins.
China’s central bank has also spoken to finance and fintech companies, reminding them not to offer crypto-related services to customers and this is having a ripple effect across other coins.
Yesterday, the Bitcoin (BTC) lost 6.2 per cent to close at N15,033,000.98, Ethereum (ETH) went down by 4.1 per cent to sell at N940,000.00, Ripple (XRP) dipped by 4.6 per cent to N280.00, Litecoin (LTC) crashed by 10.6 per cent to N53,101.00, while Tron (TRX) lost 3.5 per cent to sell at N27.99.
But the Dash (DASH) appreciated during the session by 18.1 per cent to N72,500, while the US Dollar Tether (USDT) grew by 0.2 per cent to N517.97.
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.
