Nigeria, June 26 -- Cornerstone Insurance's profit for last year dropped by more than half, relative to 2024's level, hammered by an end to a windfall income that naira devaluation handed lenders and insurers holding assets in foreign currencies two years ago.

Post-tax profit, its latest audited earnings report showed, declined by 54.6 per cent, after net gain from foreign exchange, one of the biggest drivers of a profit rise in 2024, swung from N30.8 billion to a negative position of -N6.1 billion.

Nigeria's execution of its most sweeping currency reforms in years, especially the devaluation of the naira to win over foreign investors, triggered a 70 per cent slump in the value of the local unit when weighed against the dollar between 2...