Economy
Naira Depreciates to N1,545/$1 at Official Market, N1,660/$1 at Black Market
By Adedapo Adesanya
The Naira depreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday after the National Bureau of Statistics (NBS) disclosed that the inflation rate increased in November 2024 to a multi-year high of 34.60 per cent.
The local currency lost N12.10 or 0.79 per cent against the greenback yesterday to trade at N1,545.10/$1 compared with last Friday’s closing rate of N1,533.00/$1, according to data from the FMDQ Securities Exchange.
The NBS on Monday indicated that inflation rose by 0.72 per cent on a month-on-month basis to a year-high of 34.60 per cent in November 2024. In the preceding month, the rate was 33.88 per cent.
Analysts at Coronation Plc noted, “The month-on-month core inflation measure eased to 1.38 per cent from 2.14 per cent in October, following the NNPC downwards review of petrol price in November.”
However, it warned that “Persistent inflationary pressures continue to pose significant challenges to businesses and households. Elevated production costs have translated into higher operating expenses for businesses, many of which have been passed on to consumers through increased prices. This dynamic erodes household purchasing power and suppresses consumer demand.”
But it was observed that at the official market, the domestic currency appreciated against the Pound Sterling yesterday by N1.31 to trade at N1,940.88/£1 compared with the previous trading day’s N1,942.19/£1 and against the Euro, it improved by N3.98 to sell for N1,608.87/€1 versus N1,612.85/€1.
At the black market, the Naira, however, declined against the Dollar yesterday by N10 to settle at N1,660/$1, in contrast to the previous trading session’s price of N1,650/$1.
Meanwhile, the digital currency market was largely mixed as investors awaited interest rate cuts by the US Federal Reserve this week while a stronger Dollar affected riskier assets.
Ripple (XRP) gained 4.5 per cent to sell at $2.52 as it announced the RLUSD stablecoin set to officially launch on Tuesday and the bullish sentiments surrounding the launch could further boost the price of the coin.
Further, Bitcoin (BTC) increased its value by 1.5 per cent to finish at $106,876.37, Ethereum (ETH) jumped by 1.2 per cent to $4,019.57, and Binance Coin (BNB) rose by 0.4 per cent to $718.02.
On the flip side, Solana (SOL) slumped by 3.4 per cent to $215.97, Litecoin (LTC) slid by 3.1 per cent to $117.16, Cardano (ADA) lost 2.2 per cent to quote at $1.06, and Dogecoin (DOGE) fell by 1.3 per cent to $0.4001, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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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