Economy
Naira Crashes to N660/$1 at Black Market as Currency Speculators Take Charge
By Dipo Olowookere
Currency speculators seem to have finally taken full control of the foreign exchange (FX) market in Nigeria as the exchange rate of the Naira to the Dollar in the black market has further depreciated.
Over the weekend, currency traders sold the local currency at N654/$1 but at about 2:00 pm on Monday, July 25, 2022, it crashed to N660/$1 after losing N6 or 0.92 per cent.
A few forex traders who chatted with Business Post today at the popular Olugbede Model Market in Egbeda, Lagos explained that the fall today was because of hoarding, which is causing an artificial scarcity in the market.
“Those who have the Dollar do not want to sell because they foresee it getting closer to N750 very soon and they want to make more gains,” one of the sellers, Alhaji Adamu, claimed.
Nigeria has been having a serious battle with earning more forex despite the price of crude oil rising in the global market. The country, which has black gold in abundance, has failed to meet its production quota. This has put a strain on the revenue it generates from the sale of oil. Another issue is crude oil theft as most of the commodity produced is stolen and unaccounted for.
Also, efforts by the monetary authorities led by the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, who recently had a botched presidential ambition under the ruling All Progressives Congress (APC), to salvage the situation have failed.
Some business owners and individuals, who need forex to complete their transactions abroad usually go to the parallel market to buy the Dollar and other foreign currencies when they cannot get them via their authorised platforms like the banks.
This newspaper gathered that for those who have the Dollar but want to convert to Naira, the FX traders, as of the time of filing this report, buy from them at N655/$1 compared with N650/$1 it was exchanged last Friday on the streets.
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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