Naira weakens as reserves slip below $50bn despite oil gains
Naira weakens as reserves slip below $50bn despite oil gains
The naira weakened for a third consecutive session in the official foreign exchange market, closing at N1,353.90 per dollar on Wednesday, as Nigeria’s external reserves slipped below the $50 billion mark despite a rise in global oil prices. Data from the Central Bank of Nigeria showed the currency lost N9.48 from N1,344.42 recorded on Tuesday, representing a 0.7 percent depreciation at the Nigerian Foreign Exchange Market.
The sustained pressure on the currency highlights growing concerns over external liquidity, with declining reserves offsetting the potential support from stronger crude prices, a key source of Nigeria’s foreign exchange earnings.
NAICOM solvency rules forces insurers to rethink annuity portfolios
The National Insurance Commission (NAICOM) has ordered life insurers to meet a 100% solvency threshold or exit the annuity business, forcing non-compliant firms to transfer portfolios to stronger operators to protect retirees’ funds.
The directive, announced by Commissioner Olusegun Omosehin, is intensifying pressure across the industry, particularly for companies heavily reliant on annuity and group life insurance models.
Tinubu’s historic UK visit lures $1.51bn deals
Tinubu’s historic UK visit lures $1.51bn deals
President Bola Ahmed Tinubu’s two-day visit to the United Kingdom has secured $1.51 billion in investment commitments, alongside a £746 million ($990 million) export finance package to upgrade key infrastructure at the Lagos Port and Tin Can Island Port Complex.
The deals are expected to strengthen trade ties between Nigeria and the United Kingdom, while supporting job creation and improving productivity under the administration’s economic reform agenda
Trade, energy, ports development top agenda, as Tinubu meets Starmer
Trade, energy, ports development top agenda, as Tinubu meets Starmer (PHOTOS)
President Bola Tinubu on Thursday held high-level talks with United Kingdom Prime Minister Keir Starmer at 10 Downing Street, as part of his ongoing strategic visit, with both leaders focusing on strengthening political, economic, and security ties between Nigeria and the UK.
Discussions centred on key investment priorities, including the proposed rehabilitation of Nigeria’s critical maritime infrastructure, particularly the Lagos ports complex, in a move aimed at boosting trade efficiency and bilateral economic cooperation.
Dangote refinery flooded with inquiries as Iran war squeezes Africa’s fuel supply
Dangote refinery flooded with demand as Iran war squeezes Africa’s fuel supply
Africa’s fuel supply chain is shifting as Aliko Dangote’s Dangote Petroleum Refinery and Petrochemicals records a surge in demand from multiple governments seeking alternatives after the Iran war disrupted Middle East exports, which traditionally account for about three-quarters of refined fuel imports into East and Southern Africa. Countries including South Africa, Ghana, and Kenya have approached the 650,000-barrel-per-day facility to secure stable supply lines.
Officials familiar with the discussions say South Africa is already negotiating a standard 12-month supply contract with Nigeria, underscoring a broader continental pivot toward locally refined fuel as governments move to cushion the impact of global supply shocks and reduce dependence on volatile Middle Eastern markets.
