Economy
Naira Trades at N375/$ at Black Market
By Adedapo Adesanya
The Naira appreciated against the US Dollar and other major foreign currencies at the parallel market on Thursday ahead of the effective date for the travel restrictions placed on some countries by the Nigerian government.
On Wednesday, the federal government bowed to pressure by announcing a travel ban on 13 countries highly affected by the deadly coronavirus. This followed the recording of fresh cases of the COVID-19 disease in the country.
To stop the spread of the coronavirus, Nigeria, from today, Friday, March 20, 2020, is restricting entry into the country for travellers from 13 countries with more than 1,000 cases recorded. On Thursday, a day after the decision was announced, the country’s cases reached 12.
The restriction will apply to travellers from China, Italy, Iran, South Korea, Spain, Japan, France, Germany, the United States, Norway, UK, Netherlands and Switzerland.
The federal government also directed civil servants not to travel out of the country at this crucial period.
At the parallel or black market of the foreign exchange market, the Naira appreciated by N5 against the Dollar to close at N375/$ as against N380/$ it recorded on Wednesday.
The domestic currency further gained N10 on the Pound to sell at N480/£1 compared with the previously quoted rate of N490/£1, while against the Euro, it appreciated by N1 to N414/€1 from N415/€1.
However, at the Investors and Exporters (I&E) segment of the currency market, the Naira depreciated by N2.33 or 0.63 percent against the greenback to trade at N370.35/$1 in contrast to N368.02/$1 it was exchanged on Wednesday.
Business Post observed that the depreciation of the domestic currency came despite a decline in the value of transactions achieved yesterday at the market.
According to data obtained from the FMDQ Securities Exchange, traders transacted $505.73 million at the investors’ window yesterday compared with $982.80 million traded at the previous session, indicating a decline of 49 percent or $477.07 million.
A look at another segment of the market, the Bureaux De Change (BDC) window, showed that at the Lagos BDC market, the Nigerian currency traded flat against its American counterpart at N376/$, while it depreciated by N5 against the British currency at N485/£1 versus N490/£1 and gained N1 against the Euro to trade at N414/€1 compared with the previous exchange rate of N415/€1.
According to the data from the Association of Bureau De Change Operators of Nigeria (ABCON), the Naira traded flat against the Dollar, Pound and Euro at the Abuja BDC market, closing at N374/$1, N479/£1 and N410/€1 respectively.
Likewise, in Port Harcourt, the exchange rate of the domestic currency against the three major foreign currencies remained unchanged. The Dollar was traded at N372, the Pound at N486 and the Euro at N415.
But at the Kano BDC market, the Naira depreciated against the US Dollar by N5 to sell at N374/$1 in contrast to the previous N369/$1 rate. It, however, traded flat against the Pound at N480 and the Euro at N417.
At the interbank segment of the foreign exchange market on Thursday, the official Naira/Dollar exchange rate of the Central Bank of Nigeria (CBN) remained at N307/$1.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn