Economy
Naira Depreciates to N1,523/$1 at NAFEX, N1,530/$1 at Black Market
By Adedapo Adesanya
The beginning of a new week did not signify a change in fortune for the Naira as it continued its fall of 0.94 per cent or N14.18 against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, July 8, closing at N1,523.85/$1 compared with last Friday’s closing price of N1,509.67/$1.
It was a similar story with the value of the domestic currency to the Euro in the official market during the trading session as it lost N1.61 to sell at N1,637.14/€1 versus the preceding session’s N1,638.75/€1, but closed flat against the Pound Sterling at N1,637.14/£1.
This happened amid an improvement in the supply of forex to the spot market by 14.2 per cent or $16.58 million to $133.46 million from the $116.88 million quoted last Friday.
The development comes as Nigeria’s external reserves increased to $34.66 billion as of July 4, 2024, according to data from the Central Bank of Nigeria (CBN).
A look at the black market segment of the FX market showed that the Nigerian Naira depreciated against the greenback yesterday by N5 to trade at N1,530/$1, in contrast to the previous session’s value of N1,525/$1.
In the cryptocurrency market, tokens closed mostly higher on Monday amid the possibility of Spot Solana exchange-traded funds (ETFs).
According to reports, SOL ETFs should see a final decision deadline around the middle of March next year after the Chicago Board Options Exchange (CBOE) filed applications on Monday to list VanEck and 21Shares’ proposed ETFs.
CBOE filed two Form 19b-4 applications on July 8, one for the 21Shares Core Solana ETF and another for the VanEck Solana Trust.
The CBOE likened the prospective Solana funds to spot Bitcoin (BTC) and spot Ethereum (ETH) ETFs, which the SEC approved in January and May, respectively.
SOL recorded a 6.2 per cent gain on the news to trade at $138.91, and Cardano (ADA) gained 7.3 per cent to trade at $0.3678, with ETH expanding by 6.1 per cent to $3,049.60.
Further, Binance Coin (BNB) added 5.9 per cent to quote at $512.33, Litecoin (LTC) appreciated by 5.6 per cent to close at $65.61, Dogecoin (DOGE) grew by 5.5 per cent to $0.1075, Ripple (XRP) recorded a 4.5 per cent jump to $0.4321, and Bitcoin (BTC) improved by 1.5 per cent to $57,011.67, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) traded flat 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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