Economy
Naira Crashes to N1,520/$1 at Official Market as FX Supply Shrinks
By Adedapo Adesanya
The Nigerian Naira extended its loss against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, May 14 as it fell by 2.9 per cent or N42.29 to N1,520.40/$1 compared with the previous day’s N1,478.76/$1.
However, the Naira improved its value against the Pound Sterling in the official market by N59.52 during the trading day to quote at N1,767.62/£1 compared with the preceding session’s N1,827.14/£1 and gained N51.91 against the Euro to finish at N1,520.16/€1 versus N1,572.07/€1 it closed a day earlier.
The mixed performance of the domestic currency against the three key foreign currencies yesterday amid a shrink in the value of FX transacted at the spot market, as the turnover went down by $88.88 million or 40.8 per cent to $128.76 million from the $217.64 million executed at the last session.
The renewed Naira depreciation after the gains in April 2024 has been attributed to a shortage of dollars occasioned by the repatriation of funds by foreign portfolio investors (FPIs).
A look at the parallel market showed that the Naira weakened against the Dollar during the session by N20 to sell at N1,520/$1, in contrast to the previous day’s N1,500/$1.
As for the digital currency market, most of the tokens tracked by Business Post closed lower as the market’s attention has turned to inflation reports out of the US.
High inflation has previously put a dagger to hopes of rate cuts in the US, which can have the effect of a handbrake on risk assets such as crypto.
Dogecoin (DOGE) lost 3.7 per cent to sell at $0.1455, Binance Coin (BNB) shed 3.5 per cent to trade at $570.10, Solana (SOL) shed 3.3 per cent to close at $143.85, Cardano (ADA) depreciated by 2.1 per cent to $0.4281, Litecoin (LTC) fell by 1.9 per cent to $78.85, Ethereum (ETH) retreated by 1.3 per cent to $2,903.54, Ripple (XRP) slumped by 1.3 per cent to $0.5066, and Bitcoin (BTC) slid by 1.2 per cent to $61,884.52, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
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.
Economy
Fidson Lists Additional 600 million Shares on Stock Exchange
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.”
Economy
FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure
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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