Economy
CBN Devalues Naira, Adopts I&E as Official Exchange Rate
By Dipo Olowookere
The Central Bank of Nigeria (CBN) has again devalued the Naira as the country moves towards the long-awaited single exchange rate regime from the current multiple exchange rate system.
The Governor of the CBN, Mr Godwin Emefiele, confirmed this development when he addressed journalists in Abuja on Tuesday.
However, he stressed that Nigeria is still operating a managed-float exchange rate regime, noting that the monetary authorities would monitor the market before deciding to eventually make it a free-float system.
“We are still running a managed-float [system]. We are monitoring the market and seeing what is happening for us to ensure that the right things are happening for the good of the Nigerian economy,” the nation’s chief banker told reporters yesterday at the close of the two-day Monetary Policy Committee (MPC) meeting.
The MPC, according to the central bank chief, voted unanimously to retain the monetary policy rate (MPR) at 11.5 per cent, the Cash Reserve Ratio (CRR) at 27.5 per cent, the Liquidity Ratio (LR) at 30 per cent and the Asymmetric Window at +100 and -700 basis points around the MPR.
Business Post reports that before now, the official exchange rate was N379/$1 but according to the CBN, the new official rate of the Naira to the Dollar is the Investors and Exporters (I&E) rate of N410.25/$1.
This change has already been effected on the website of the CBN, confirming the stoppage of the interbank rate of N379/$1.
This development rubbishes a recent claim by the Association of Bureau De Change Operators of Nigeria (ABCON) that the apex bank has not adopted the I&E rate as the official exchange rate in the country.
“The ABCON and CBN have observed with disdain the speculative behaviour currently beclouding the market with the misinformation that the CBN has adopted I&E window as its official rate.
“The above information is not true because as operators, we still fund our accounts at our normal rates of N393/$ and not the I&E window rates for our operation this (last) Friday,” the president of the association, Mr Aminu Gwadabe, had said.
Two months ago, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had disclosed that the government was planning to adopt the investors’ FX rate as the official rate.
“Within the government and the central bank, there is only one official rate and that’s the NAFEX rate (also known as the I&E rate),” the Minister had said.
But hours later, the CBN countered Mrs Ahmed, insisting that the official rate remained at N379/$1, noting that it was not planning to devalue the local currency as it was being speculated then.
“The country is deemed not to be practising a multiple currency regime as long as rates vary or range around a band that is not more than 2 per cent below the nominal market rate.
“In our case, the nominal market rate is NAFEX. If the Minister says that the rate for monetisation is anchored or benchmarked on NAFEX, the Minister has not talked about a flexible exchange rate,” Mr Emefiele had said.
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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