Economy

Further Crash in Crude Oil Price to Weaken Naira

Published

7 years ago

26/08/2019

By Dipo Olowookere

There are indications that the value of Naira may depreciate against the Dollar this week at the foreign exchange (forex) market due to situations at the global market for crude oil.

In recent times, the United States and China have been having it rough, with both economic powers of the world slamming different tariffs on each other, affecting the global economy.

In its report at the weekend, Lagos-based investment company, Cowry Asset, said with the unstable nature of the price of the black gold, the local currency should suffer for it this week.

“In the new week, we expect depreciation of the Naira against the USD across the market segments despite CBN sustained special interventions given the fear of further crash in crude oil price,” the report said.

Last week, the exchange rate between the Naira and the Dollar was unchanged at most foreign exchange market segments.

Specifically, the NGN/USD exchange rate remained unchanged at the Bureau De Change and the parallel (black) markets to close at N358.00/$ and N360.00/$ respectively.

Also, the Naira closed flat against the US dollar at N357.96/$ at the interbank forex market amid sustained weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the market via the Secondary

Market Intervention Sales (SMIS), of which: $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.

However, the local currency appreciated at the Investors and Exporters FX Window by 0.08 percent to close at N363.14/$.

Meanwhile, the Naira also depreciated further against the Dollar for most of the foreign exchange forward contracts – spot rate, 2 months 3 months, 6 months and 12 months rates by 0.02 percent, 0.06 percent, 0.18 percent, 0.28 percent and 1.05 percent to close at N306.95/$, N370.83/$ N374.47/$, N388.23/$ and N408.36/$ respectively.

However, the local currency appreciated against the Dollar for the one-month forward contract by 0.02 percent during the week to close at N367.07/$.

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

9 hours ago

08/06/2026

Aduragbemi Omiyale

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.

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

9 hours ago

08/06/2026

Aduragbemi Omiyale

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.”

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

16 hours ago

08/06/2026

Modupe Gbadeyanka

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.