Economy
Nwokoma Charges Cardoso to Stop Political Interference in FX Market
By Dipo Olowookere
A professor of Financial Economics at the Department of Economics of the University of Lagos (UNILAG), Mr Ndubisi Nwokoma, has tasked the nominee for the position of the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to stop political interference in the foreign exchange (FX) market.
The don gave this charge when he appeared as a guest on Arise TV’s breakfast programme, The Morning Show, on Monday, monitored by Business Post.
He said the suspended CBN Governor, Mr Godwin Emefiele, allowed politicians to contribute to the crisis in the forex market today, saying he was not bold enough to say no to them.
According to Mr Nwokoma, the weakening of the Naira against the United States Dollar under the tenure of Mr Emefiele in eight years was worse, pointing out that having the Naira at about N200/$1 in 2015 and N950/$1 in 2023 is not acceptable and good for any economy.
“There are many questions about political interference in (the use of forex); where a particular big company will come and get a huge allocation of FX.
“The new CBN Governor must make sure such thing does not arise [again] because before Emefiele came on board, under (Charles) Soludo (the current Governor of Anambra State) and (Lamido) Sanusi, we had stability in the exchange rate.
“As of 2011 and 2012, we can say the exchange rate was like N150/$1, but when (Goodluck) Jonathan left office (as President of Nigeria in 2015), it was N197/$1; in the past eight years, we have had instability [in the forex market].
“In my view, there had been a lot of political interferences in the FX market; that is an area the new Governor will have to look at; minimise political interference, where people just come because they know somebody somewhere and get undue forex allocation, creating scarcity for those who genuinely forex.
“The exchange rate is a price tied to two factors; supply and demand. If the supply is shrinking because it is being cornered, then it can affect the rate. At the moment, we are talking about N940/$1 and N950/$1; it is unheard of, from N197/$1 or N200/$1 in 2015, over a period of eight years, that should never happen in any economy.
“There is no way that won’t affect the prices because of the imported input; Nigerians import a lot of things. The new CBN Governor will have to look into this,” Mr Nwokoma, who is also the Director of the Centre for Economic Policy Analysis and Research, stated.
Speaking on the competence of Mr Cardoso, Mr Nwokoma said the former Commissioner for Economic Planning and Budget in Lagos State is not a round peg in a round hole, noting that the role should have been given to someone with monetary policy experience and not someone with a fiscal background.
“If you take a look at the functions of the CBN, the first is to issue legal tender currency, the second is to maintain external reserves that will support the value of the currency, and the third is to maintain monetary and price stability.
“Cardoso has been a banker and a stockbroker; we should begin to look into having a former Deputy CBN Governor to head the central bank, like Tunde Lemo, though I am not speaking for him,” he said.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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