BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.7

8EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN ₦1350.00 ₦1370.00

GBP / NGN ₦1803.95 ₦1871.77

EUR / NGN ₦1537.93 ₦1601.81

ZAR / NGN ₦82.28 ₦86.99

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,364.90

GREAT BRITISH POUND (GBP) ₦1,842.61

EURO (EUR) ₦1,575..50

SWISS FRANC (CHF) ₦1,684.02

JAPANESE YEN (JPN) ₦8.57

CHINESE YUAN (CNY) ₦202.34

WEST AFRICAN CFA (XOF) ₦2. 40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60

SOUTH AFRICAN RAND (ZAR) ₦84.31

BLACK MARKET RATES  

US Dollar (USD) Buy ₦1,423 Sell  ₦1,428 

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910 

EURO (EUR) Buy ₦1,600 Sell ₦1,620 

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080 

South African Rand (ZAR) Buy ₦75 Sell ₦90 

UAE Dirham Buy ₦350 Sell ₦370 

 Chinese Yuan Buy ₦190 Sell ₦205 

Ghana Cedi (GHS) Buy ₦95 Sell ₦110 

West African CFA Buy ₦2, 300 Sell ₦2, 400 

Central African CFA Buy ₦2,150 Sell 2,250 

Australian Dollar Buy ₦800 Sell ₦900 

Commercial Bank Exchange Rates 

Fidelity Bank  

Currency        Sell 

USD / NGN ₦1370.00 

GBP / NGN ₦1869.78 

EUR / NGN  ₦1604.54 

Sterling Bank 

Currency            Buy              Sell 

USD / NGN₦1350.00 ₦1370.00 

GBP / NGN ₦1800.68 ₦1868.46 

EUR / NGN ₦1539.16 ₦1603.07 

ZAR / NGN ₦82.44         ₦87.16 

Official CBN Exchange Rates 

US Dollar (USD) ₦1,360. 14 

Great British Pound (GBP) ₦1,838.50 

EURO (EUR) ₦1,571. 10 

Swiss Franc (CHF) ₦1,680.85 

Japanese Yen (JPN) ₦8.56 

Chinese Yuan (CNY) ₦201.61 

West African CFA (XOF) ₦2. 40 

West African Union Account (WAUA) ₦1,864.27 

Saudi Riyal (SAR) ₦362.22 

South African Rand (ZAR) ₦84.07 

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Source: ThisDay