Economy
Cardoso Blames Distortions for Nigeria’s FX Market Volatility
By Dipo Olowookere
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has disclosed that the wild foreign exchange (FX) market volatility in the country is caused by distortions, especially by speculators, promising that this will end soon.
In an interview aired earlier this week on Arise Television, the CBN chief said efforts are being made to bring stability into the ecosystem and give the Naira the needed strength to withstand various shocks that have put it under pressure in the past months.
The Nigerian currency has performed badly against the United States Dollar in the forex market since the inception of the current administration of President Bola Tinubu on May 29, 2023.
In June 2023, after pressure from different quarters, the central bank unified the exchange rate and the Naira was devalued to about N750/$1.
This came after it was first reported a few days earlier that the apex bank had devalued the local currency to N631/$1 from N461.6/$1, which it denied.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1, 2023, titled CBN Devalues Naira To 630/$1.
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially wilful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.
“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while,” a part of the statement issued then by the bank said.
The CBN had said the unification of the rates was to close the gap between the official market rate and the parallel market rate, but this strategy did not achieve its goal and the premium widened.
Last week, another devaluation of the domestic currency occurred and its value weakened by 51.2 per cent or N456.72 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,348.62/$1 from N891.90/$1.
This created panic in the system as the prices of goods and services reacted with a significant increase.
In the interview monitored by Business Post, Mr Cardoso said speculators were behind the volatility in the forex market and their wings would be clipped soon.
“I think it is important to state that we have been in a situation where there has been a shortage of liquidity in the market arising from certain distortions and that has created volatility.
“We have looked at this over the past months and come up with certain policies designed to improve forex supply.
“I look forward to a time when people who require forex do not have to know anybody in the banks to get FX.
“A system that is open and transparent eliminates distortions and allows FX inflows, thereby allowing for price discovery,” Mr Cardoso 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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