Connect with us

Economy

Dollar Trades N445 at Black Market Friday

Published

on

forex Black Market

By Adedapo Adesanya

At the close of the first week of the easing of lockdown on Friday, the Naira depreciated as much as N8 against the American Dollar at the black market segment.

The domestic currency consequently wrapped the week at N445/$1 compared with the N437/$1 it traded at the segment of the foreign exchange (forex) market.

At the same segment, the local currency closed flat against the Pound at N530/£1, while against the Euro, it depreciated by N10 to close at N450/€1 in contrast to N440/€1 it exchanged at the previous session.

At the Investors and Exporters (I&E) window of the market on Friday, the domestic currency depreciated by 0.23 percent or 87 kobo to close at N387.25/$1 versus N386.38/$1 it was sold on Thursday.

The depreciation came despite a decline in the value of transactions carried out at the segment. Trades valued at $70.40 million were executed during the session in contrast to $102.28 million exchanged at the previous session. This indicated a decline by 31 percent or $31.9 million.

At the Bureaux De Change (BDC) segment, the Nigerian currency lost N3 against the American currency to sell at N443/$1 compared with N440/$1 it previously traded. In addition, the local currency depreciated by N2 against the British currency to N532/£1 from N530/£1, while against the Euro, it lost N5 to quote at N465/€1 compared with N460/$1 it traded previously.

At the Port Harcourt market, the Naira closed flat against the Dollar at N430/$1 and also against the Pound Sterling and the Euro at N515/£1 and N450/€1 respectively.

In Kano, the local currency exchange rate also closed flat against the Dollar at N459/$1. It was a similar situation against the Pound and Euro at N498/£1 and N440/€1 respectively.

At the Abuja BDC market, the Naira closed the day’s session flat against the Dollar, Pound and Euro at N457/$1, N498/£1 and N440/€1 respectively.

At the official interbank window of the forex market, the Central Bank of Nigeria (CBN) sold the Dollar at N361.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

on

capital market operators

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.

Continue Reading

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

on

fidson

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.”

Continue Reading

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

on

FG contractors protest

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.

Continue Reading

Trending