Economy
ABCON Pledges to Sell Forex at CBN Approved Rates
By Adedapo Adesanya
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it will comply with directives of the Central Bank of Nigeria (CBN) on the rates to sell forex (foreign exchange) to their customers.
Nigeria is preparing to resume international flight operations from Saturday, September 5, 2020, and this has necessitated the need for the CBN to resume the sale of forex to BDC operators in the country.
Last Thursday, the apex bank said in a circular titled Resumption of sales to Bureau De Change operators and signed by the CBN Director, Trade and Exchange Department that it will resume the sale of forex to BDC operators from September 7.
Providing a breakdown of the rates, the apex bank said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:
“IMTSOs to banks: N382/$1; Banks to CBN: N383/$1; CBN to BDCs: N384/$1; and BDCs to end-users: not more than N386 volume of sale to each market is $10,000 per BDC.”
It also gave the opportunity to over 5,000 CBN-registered BDCs to get $10,000 each at the twice-weekly auctions to be handled by approved agents across the six geopolitical zones.
Commenting on the latest development over the weekend, the president of ABCON, Mr Aminu Gwadabe, said his members will adhere strictly with the directive of the CBN, stating that the BDC remains the potent monetary tool of the apex bank exchange rate stability instrument.
“The resumption of sales to BDCs will in no doubt inject robust liquidity to the critical retail end sector of the market and usher in stability, discourage, hoarding and speculation,” Mr Gwadabe said.
He also said the association has embraced innovation, awareness and capacity building measures to guide members and ensure their total compliance to extant foreign exchange regulations.
The ABCON president equally added that the association expected a strong positivity in the market with the take-off of the policy.
As at Friday, the BDCs segment saw an improvement for the Naira over the US Dollar. In Lagos, the local currency gained 70 kobo to close at N476.30/$1 from N477/$1. In Abuja, the local currency appreciated by N3 to close at N474/$1 versus N477/$1. In Port Harcourt, the Naira gained N4 to sell for N472/$1 in contrast to the previous rate of N476/$1 while in Kano, it closed flat at N477/$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