Economy
Good Morning Nigeria: Lower Current-Account Surplus Due to MCP
By FBNQuest Research
The balance of payments for Q2 2017 shows that the current-account surplus narrowed from the equivalent of 3.2% of GDP to 1.6%.
The explanation lies in a decline in the trade surplus from 2.7% to 2.4% of GDP, along with a larger widening of the services outflow from 2.4% to 3.8%.
Forex availability has been enhanced by the CBN’s multiple currency practices (MCP). Importers have benefited, which is evident from manufacturing PMIs, and retail has also been able to meet its requirements. In a forthcoming daily note we will examine trends on the capital account.
The share of oil and gas exports in GDP crashed from 25.0% in Q1 2012 to just 9.6% in Q4 2016. A modest recovery to 10.9% in both Q1 and Q2 is attributable to a pick-up in oil production and the contraction in GDP.
Merchandise imports increased by US$1.0bn q/q in Q2: if we strip out oil and gas, the increase rises to US$1.3bn. This underpins our point about fx availability and masks any benefits from the FGN’s import substitution policies.
The same is self-evident when we drill down into the outflow on services in Q2 2017. The debits on travel and other business services rose by US$900m and US$400m q/q respectively. Fx ix available at the CBN’s various windows if the user is comfortable with the price.
Net current transfers, which are overwhelmingly workers’ remittances, have held up better than expected, at more than 5% of GDP for four successive quarters.
We are comfortable with the smaller surplus on the current-account because offshore investors have returned to local equity and debt markets, and because the FGN is to revisit the Eurobond market this quarter.
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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