Economy
Local Currency Falls to N416.50/$1 as Bitcoin, Others Gain
By Adedapo Adesanya
The local currency weakened against the US Dollar by 50 kobo or 0.12 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, November 9.
According to data obtained from the market yesterday, the value of the Naira to the Dollar was N416.50/$1 compared with the preceding day’s N416/$1.
The domestic currency suffered the loss despite a 26.0 per cent or $27.31 million decline in the demand for FX at the market window on Wednesday.
During the trading day, the value of transactions at the I&E stood at $77.61 million compared with the turnover of $104.92 million recorded on Tuesday.
It was not different at the interbank market window, where the Nigerian currency also suffered a loss against the United States currency, depreciating by 17 kobo yesterday to sell for N414.61/$1 in contrast to N414.44/$1 of the previous day.
In the same vein, the Naira depreciated against the British Pound Sterling at the midweek session by N2.25 as it sold at N565.57/£1 versus Tuesday’s closing rate of N563.02/£1.
Against the Euro, the indigenous currency declined by N1.23 on Wednesday to trade at N471.25/€1 in contrast to N470.02/€1 it closed a day earlier.
Meanwhile, the cryptocurrency market witnessed a recovery on Wednesday as nine of the 10 digital coins tracked by Business Post recorded gains, with Cardano (ADA) rising by 8.9 per cent to trade at N754.47.
Ripple (XRP) appreciated by 6.8 per cent to N440.01, Litecoin (LTC) rose by 6.4 per cent to sell at N79,636.97, Binance Coin (BNB) gained 5.3 per cent to trade at N200,894.04, while Dogecoin (DOGE) appreciated by 4.5 per cent to sell at N93.56.
Further, Tron (TRX) made a 4.7 per cent rise to sell for N38.68, Ethereum (ETH) jumped by 4.2 per cent to trade at N1,921,793.40, Bitcoin (BTC) improved by 0.1 per cent to quote at N24,403,999.09 just as the US Dollar Tether (USDT) appreciated by 0.1 per cent to sell for N569.83.
But Dash (DASH) depreciated by 0.2 per cent during the trading day to sell at N81,844.35.
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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