Naira strengthens as official, parallel market rates align further

The Nigerian Naira remained stable against the US Dollar on Tuesday, December 9, 2025, with trading data showing continued convergence between the official exchange rate and the parallel market. The trend follows sustained monetary reforms and improved foreign exchange inflows.

According to figures from the NAFEM window, the Naira opened at an average of ₦1,450.92 per dollar, maintaining its recent trading band between ₦1,450 and ₦1,460. Market analysts attribute the stability to rising foreign inflows and the US Federal Reserve’s dovish monetary stance, which has weakened the dollar globally.

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In the parallel market, currency dealers in Lagos and Abuja priced the dollar at around ₦1,490 (selling) and ₦1,475 (buying). Data from street platforms, including Aboki Forex, indicates that the gap between official and black-market rates has narrowed to roughly ₦40, signalling reduced arbitrage and improved efficiency in the FX ecosystem.

Experts say the Central Bank of Nigeria (CBN) has helped steady the currency through ongoing reforms and gradual reserve buildup. Anticipated US Fed rate cuts later this month are also boosting investor confidence in Nigerian assets, helping keep exchange-rate volatility low as the year closes.

Naira strengthens as official, parallel market rates align further

NAICOM Hails Continental Re for 2025 CEO Roundtable on Insurance Recapitalisation

The National Insurance Commission (NAICOM) has praised Continental Reinsurance Plc for hosting the 2025 CEO Roundtable, describing the forum themed “Recapitalization & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector” as timely and critical to transforming the Nigerian insurance industry.

The high-level event, held in Lagos, brought together chief executives of major insurance companies across the country to deliberate on the future of the sector amid the ongoing recapitalisation exercise.

Delivering a goodwill message on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, the Deputy Commissioner (Technical), Dr. Usman Jankara, said recapitalisation would reposition Nigerian insurers for stronger competitiveness, particularly under the African Continental Free Trade Area (AfCFTA).

According to him, recapitalisation is the bedrock for sustainable growth, as it will strengthen solvency, enhance underwriting capacity, enable insurers to retain more risks locally, build investor confidence, attract capital, stimulate mergers and acquisitions, and drive regional expansion.

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Jankara noted that Continental Re’s initiative aligns with NAICOM’s reform agenda, which prioritises improved capacity, stronger financial resilience and innovation across the sector.

Reiterating the new minimum capital requirements—₦10bn for life insurers, ₦15bn for non-life companies, and ₦35bn for reinsurers—he stressed that the thresholds were designed to build institutions capable of underwriting large transactions and competing across African markets.

In his lead presentation, the Managing Director of Financial Derivatives Company Limited, Mr. Bismark Rewane, described recapitalisation as a transformative lever for driving economic growth, strengthening climate resilience, boosting capital market development, and improving claims-paying capacity. He added that it would enable underwriting of complex risks, promote consolidation, enhance investor confidence and support innovation and technology adoption.

Managing Director of Continental Reinsurance Plc, Dr. Fatai Lawal, said the theme of the roundtable captures both the challenges and opportunities ahead for the industry. He noted that the forum was convened to help industry leaders assess progress, exchange insights and develop strategies for building a stronger, more resilient sector.

NAICOM Hails Continental Re for 2025 CEO Roundtable on Insurance Recapitalisation

Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets

Africa’s richest man, Aliko Dangote, has called on wealthy Nigerians to redirect funds currently spent on luxury cars and private jets into industrial investments that can generate jobs and foster sustainable economic growth.

In a widely shared interview, the Dangote Group chairman warned that the country’s elite have increasingly prioritized lavish spending over productive ventures. “If you have money to buy a Rolls-Royce, you should take that money and put up an industry in your locality or anywhere there is need,” Dangote said.

He expressed concern over the number of private jets parked at local airports, arguing that the resources tied up in such assets could instead create employment opportunities.

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Dangote highlighted Nigeria’s growing population, with an estimated 7.8 million births annually, stressing that both government and private sector actors must invest in infrastructure, power, and productive businesses.

Acknowledging the country’s high taxes, he maintained that businesses must still meet their obligations. “For a company like ours, the tax we pay is too much, but we don’t mind… What we are asking for is an enabling environment, but we too must do our civic duties,” he said.

He also urged Nigerians to prioritize domestic investment over foreign capital, noting that attracting investment depends on good policy and rule of law. “We should stop calling for foreign investors because there’s no foreign investor anywhere. What attracts investment is good policy and rule of law,” Dangote added.

Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets