Economy
Naira Weakens at I&E Amid 87% Decline in Forex Turnover
By Adedapo Adesanya
The Naira depreciated by 0.21 percent or 63 kobo against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, June 8, closing at N387.33/$1 in contrast to N386.70/$1 of the previous session.
This happened despite a decline in the daily forex turnover at the market segment. At the session, transactions valued at $14.66 million were executed in contrast to the $112.89 million exchanged at the previous session. This indicated a drop by 87 percent or $98.23 million.
At the Bureaux De Change (BDC) segment yesterday, the Nigerian currency dropped N1 against the American currency in Lagos to sell at N448/$1 compared with N447/$1 it traded last Friday.
Against the Euro, the Naira made a N3 gain to trade at N467/€1 compared to N470/€1 it traded previously and against the Pound, it retain the previous rate of N550/£1.
At the Port Harcourt market, the Naira lost 50 kobo against the Dollar at N446.50/$1 compared to N446/$1, while against the Pound Sterling, it gained N10 to close at N540/£1 versus N550/£1 and lost N10 on the Euro to sell at N476/€1 versus N466/€1.
At the Abuja BDC market, the Naira closed weaker against the Dollar at N448/$1 in contrast to N447/$1 it previously traded. It gained N7 on the pound to close at N540/£1 compared with N547/£1 and lost N4 against Euro to close at N480/€1 versus N476/€1.
In Kano, the local currency gained N1 against the Dollar to quote at N446/$1 compared to N447/$1, while against the Pound Sterling, it gained N7 to close at N540/£1 in contrast to N547/£1 and lost N10 on the Euro to wrap the session at N480/€1 against N470/€1.
The Naira, at the black market segment, traded flat against the greenback to sell at N450/$1. It also remained unchanged against the pound at N550/£1, but lost N1 on the Euro to close at N473/€1 versus the previous rate of N472/€1.
At the interbank window, the Central Bank of Nigeria (CBN) sold the Dollar at N361/$1 to commercial banks in the country, the same rate if was sold last Friday.
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.
