Business
Nigeria is Safe for Investing – Akpabio Assures Foreign Investors
President of the Senate, Godswill Akpabio, on Thursday assured foreign investors of the safety of their investments in Nigeria, just as he restated the commitment of the Federal Government under President Bola Tinubu, to providing conducive business environment for Foreign investors in the country.
Senator Akpabio stated this, in his office while receiving in courtesy, the JAMPUR INTERNATIONAL GROUP FZE, led by the CEO, Mohanmed Shafiq.
According to him, ” I welcome you on behalf of the Senate of the Federal Republic of Nigeria. Nigeria is very safe and ready for investors. I am aware you are already investing in Nigeria in the area of mining, power and trading. Thank you for employing Nigerians in your companies”.
Speaking further, Akpabio noted that the decision of the Federal Government on put in place a single rate for foreign exchange was a deliberate attempt by the government to further assure foreign investors of the safety of their investments anywhere in the country.
“The current administration has been able to normalize our foreign exchange rate by having only one window. Investing in Nigeria is worth the while because of the returns in investments based on our population of over 200 million, and land
” The President is ready to ensure that people get value for their investments, himself being a strong businessman. He has a track record of achievements in Lagos State when he was the governor. Lagos today, has become one of the largest economy in Africa because of the foundation he laid.”
Akpabio assured his visitors of the safety of their investments, saying ” I assure you that the Federal Government will do everything humanly possible to protect your investments by providing security for its citizens and foreign investors. “
Earlier in his speech, Muhammed Shafiq said he was in the Senate to formally congratulate the President of the Senate on his emergence as the Chairman of the National Assembly and to wish him well in office.
” We are here to congratulate you on your election as the President of the Senate and to intimate your on our readiness to continue to partner with the government in the area of mining, agriculture and power.”
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
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
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.
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
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