Economy
CBN Approves Use of Naira for Diaspora Remittance
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has now approved the use of Naira as payouts for diaspora remittance, almost three years that the administrations of former President Muhammadu Buhari and ex-Governor Godwin Emefiele placed a ban on it.
The apex bank, in a circular Payout Option of Naira for Receipt of Proceeds of Diaspora Remittances dated July 10, 2023, approved the payment of the local currency to beneficiaries of diaspora remittance.
The circular means that banks and International Money Transfer Operators (IMTOs) can now pay their recipients in Naira, providing them with an alternative of either picking the available Naira or scarce Dollars.
Part of the CBN’s circular signed by Dr O.S. Nnaji, Director, Trade and Exchange Department, said, “The Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.”
Customers who choose to receive their funds in Naira will be paid using the Investors & Exporters Window rate on the day of the transaction.
In November 2020, the CBN banned banks and IMTOs from paying recipients in Naira. The policy also stated that only banks could transfer funds onward to recipients.
As a result of this, the CBN policy stifled many digital remittance companies that allowed Nigerians abroad to send money directly to the Naira accounts of recipients.
The CBN also released a list of 62 IMTOs that were approved to receive the option of receiving Naira payment in addition to Dollars and eNaira as payout options.
This is an update from less than 50 companies approved before, with some newly approved IMTOs, including CSL Pay Limited, Direkt Wire UK Limited, Fiem Group LLC DBA Ping Express, Lycamoney financial services limited, and SimbaPay Limited, among others joining the ranks.
This has been regarded as another step by the new administration of President Bola Tinubu to loosen the grip the apex bank has exercised over FX rates in recent years.
This is as after it unified the exchange rate regimes and put in other measures like the removal of fuel subsidies, which gulped N4.3 trillion last year alone and over N10 trillion in the last five years.
This move will also be great for customers who can now choose between receiving their funds in foreign currency, eNaira and the Naira, making Dollars available for those who need them.
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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