Economy
Naira Crashes to N1,510/$1 at Official Market, N1,520/$1 at Black Market
By Adedapo Adesanya
In yet another negative outcome, the Naira slid by 0.15 per cent or N2.27 on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday to N1,510.10/$1 compared with the preceding trading session’s N1,507.83/$1.
Equally, the Nigerian Naira further weakened against the Pound Sterling in the official market yesterday by N4.43 to sell for N1,906.38/£1 compared with the previous day’s N1,901.95/£1 and depreciated against the Euro by N4.30 to close at N1,609.97/€1, in contrast to Wednesday’s value of N1,605.67/€1.
Data from the FMDQ Securities Exchange indicated that the forex turnover for the session significantly increased by 62.8 per cent or $110.82 million to $287.21 million from the $176.39 million recorded in the last trading session.
In the same vein, the Naira suffered a loss of N20 against the greenback during the trading session to finish at N1,520/$1 versus the midweek’s closing price of N1,500/$1.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said during an interview earlier in the week that the country’s total foreign exchange (FX) inflow hit $24 billion in the first quarter of the year.
He said the problems with Nigeria were only temporary, adding that recent policy efforts by the fiscal authorities are adequate to increase revenues and tax to Gross Domestic Product (GDP).
He emphasised that Nigeria was looking to double diaspora remittances.
According to him, “And even talking about things like how to attract more foreign exchange flows, we’ve had a recognition of the huge role that the diaspora, the Nigerian diaspora plays.
“They remit a tremendous amount of money into the system over a period of time.”
Meanwhile, the cryptocurrency market was bullish on Thursday, with Solana (SOL), the world’s fifth-largest cryptocurrency by market capitalization, having experienced a significant price surge in the last 24 hours, growing by 6.5 per cent yesterday to $144.69.
This came as VanEck, a prominent New York-based investment management firm known for its exchange-traded fund (ETF) products, filed an S-1 registration statement on Thursday for its “VanEck Solana Trust.” This move marks the first public attempt to launch a spot Solana (SOL) ETF in the United States.
Dogecoin (DOGE) increased by 3.5 per cent to $0.1253, Litecoin (LTC) jumped by 3.3 per cent to $73.27, Ethereum (ETH) rose by 2.3 per cent to $3,448.27, Cardano (ADA) went north by 2.0 per cent to $0.3875, Binance Coin (BNB) expanded by 1.9 per cent to $578.54, Ripple (XRP) grew by 1.8 per cent to $0.4758, Bitcoin (BTC) leapt by 1.3 per cent to $61,510.87, and the US Dollar Tether (USDT) gained 0.02 per cent to sell for $1.00, while the US Dollar Coin (USDC) remained unchanged at $1.00.
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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