Economy
CBN Uncovers $2.4bn Invalid FX Claims from $7bn Backlog
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has disclosed that an audit uncovered invalid claims of up to $2.4 billion of $7 billion foreign exchange backlogs in the country.
Mr Cardoso disclosed this during an interview with Arise Television aired on Monday and monitored by Business Post.
He noted that the apex bank would only pay valid transactions which amounted to $4.6 billion, revealing that about $2.3 billion has been settled and the balance should be paid very soon.
“We had Deloitte audit the FX backlogs claims and we discovered that of the $7 billion, $2.4 billion had issues and had no business being there,” he said.
He explained that based on the request documents, it was discovered some of the untenable claims were from entities that did not qualify, adding that some of them were non-existent and wanted to game the system.
“We are not paying [these invalid claims] because there were whole loads of infractions,” he said during the interview.
Mr Cardoso said so far, the apex bank had settled $2.3 billion of the valid $4.6 billion FX backlogs, so that leaves around $2.2 billion left to be cleared to the appropriate sectors.
“What remains is about $2.2 billion claims yet to the cleared,” he stated, revealing that there was an end in sight to the FX backlogs issue, adding that the central bank would clear the balances soon, so it can tackle other pressing issues.
“That will be done shortly. We will clear all that very shortly and we will move on to the next line of action,” the CBN chief assured.
Mr Cardoso reiterated that the Naira remained undervalued due to the speculative nature of the FX market, adding that this would be resolved in due course.
He noted that the CBN was taking the best approach to bring other informal players into the official market to boost liquidity, noting that this spurred recent moves to bring international money transfer operators (IMTOs)into the space.
“We believe it is positive to bring them into the formal market, to be players in the space,” Mr Cardoso submitted, saying that the official market and Bureau du Change (BDCs) rates were narrowing rapidly.
“We are going to see a major major shift. There are new rules that will help the volatility and fix market transparency.”
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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