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The naira plunged to 418 against the dollar at the parallel market on Tuesday as scarcity of foreign exchange continued to weigh on the official interbank and black market. The local currency, which closed at 414 against the greenback on Monday, traded at 415 in Lagos, 417 in Abuja and 418 in Kano, foreign exchange dealers said.

Aviation sector experts say increase in the price of aviation fuel from N105 to N220 per litre in Nigeria may soon cause airlines operating in the country to move to Ghana where aviation fuel is sold for N110 per litre.
Emirates airline for the first time flew to Ghana to buy fuel for its Abuja flight 2 days ago.  According to BusinessDay, a source who craved anonymity revealed that British Airways also buys fuel from Ghana. The source said more airlines will soon leave for Ghana to buy fuel since it is cheaper to buy from the country.

Insurance companies are seeking ways to reduce operational costs in order to increase their profits.