Economy
Naira Crashes to N486/$1 at Black Market
By Adedapo Adesanya
It was a bad day for the Naira at the black market on Monday as it depreciated by N1 against the United States Dollar to sell at N486/$1 versus N485/$1 it traded last Friday.
At the same unregulated segment of the foreign exchange (FX) market, the local currency also lost N1 against the Pound Sterling yesterday to close at N686/£1 in contrast to N685/£1 it traded at the previous trading day but closed flat against the Euro at N587/€1.
However, despite a demand pressure, the domestic currency finished stronger against the US Dollar at the Investors and Exporters (I&) window on Monday.
At the close of business, the Nigerian Naira appreciated by 75 kobo or 0.18 per cent to close at N411.25/$1 compared with the previous day’s N412/$1.
Data harvested by Business Post from FMDQ Securities Exchange showed that the turnover for the session rose by $122.14 million or 136.1 per cent to $211.86 million from $89.72 million recorded last Friday.
Over the weekend, the Association of Bureau De Change Operators (ABCON) had raised an alarm about the pressure facing the local currency, noting that this was due to the activity of currency speculators hoarding the greenback.
The currency dealers body then gave an assurance that it was working with the country’s central bank to deepen market liquidity and protect the Naira against speculators.
Bulls Return to Cryptocurrency Market
At the cryptocurrency market on Monday, there was a sigh of relief as the digital assets are recovering from the recent authoritative actions on the trading and use of cryptocurrencies.
Last week, the market plunged after China threatened a heavy-handed approach to digital coins.
The warnings came shortly after the US Treasury Department said it was pushing for new regulations that would force new Internal Revenue Service (IRS) disclosures around crypto transactions.
But after the storm, Bitcoin (BTC) gained 9.6 per cent to sell at N19,323,590.60, Ethereum (ETH) appreciated by 21.9 per cent to trade at N1,304,903.69, while Ripple (XRP) gained 16.5 per cent to quote at N500.96.
Also, Litecoin (LTC) rose by 28.5 per cent to sell at 91,005.04, Tron (TRX) improved by 9.4 per cent to trade at N39.01, while the US Dollar Tether (USDT) moved up by 0.1 per cent to N500.21.
However, Dash (DASH) fell by 9.4 per cent to sell for N90,503.20.
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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