Economy
Forex Crisis Worsens as Pound Sells for N604
By Adedapo Adesanya
The foreign exchange crisis continued to hit hard as the Naira further depreciated against the Pound Sterling on Thursday, August 6, 2020.
At the Bureau De Change (BDC) segment of the foreign exchange market in Abuja, the local currency depreciated against the British currency by N14 to close at N604/£1 as against the previous day’s rate of N590/£1.
But against the Dollar, the local currency closed flat at 474/$1 and lost N5 on the Euro to close at N550/€1 versus N545/€1 at the last session.
At the Port Harcourt market, the domestic currency dropped N13 against the Pound to N600/£1 from N587 while it dropped N1.50 against the greenback to close at N472.50/$1 compared to N471/$1 it closed on Wednesday and depreciated by N5.50 on the Euro to N542.50/€1 from N537/€1.
In Lagos, the local currency made no movement against the Pound, closing at N601.50/£1 and also remained unchanged against the Dollar and the Euro at N473/$1 and N545/€1 respectively.
In Kano, the local currency traded flat against the Dollar, Pound and Euro on Thursday to close at N472/$1, N575/£1 and N540/€1 respectively.
At the black market, the Naira lost N5 against the Pound to sell for N600/£1 as against the previous day’s rate of N595/£1, but closed flat against the Dollar and Euro at N474/$1 and N545/€1 respectively.
It was, however, a different outcome to the exchange rate of the Naira/Dollar at the Investors and Exporters (I&E) market. The local currency appreciated by N3.75 or 0.96 per cent to close at N385.50/$1 compared to the previous day’s N389.25/$1.
At the same market segment, it was observed that there was a rush for the American dollar as demand rose by 916.8 per cent or $96.17 million to $106.66 million from $10.49 million on Wednesday.
At the interbank window of the market, the official exchange rate of the Naira/Dollar closed at N381/$1, the same rate it was sold at the midweek session.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
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
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
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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