Economy
Naira Gains 0.08% at Official Market, as Dogecoin Continues to Soar
By Adedapo Adesanya
The Naira appreciated on the US Dollar at the Investors and Exporters (I&E) segment of the market on Tuesday, July 25, amid continued foreign exchange supply shortage in the financial system.
In the spot market, the local currency gained 0.08 per cent or 62 Kobo against the greenback to settle at N791.42/$1, in contrast to the preceding day’s rate of N792.04/$1.
Business Post reports that the currency market is still being plagued with the FX crisis as the value of transactions remained low, though it marginally increased by 4.2 per cent or $2.09 million during the session to $51.55 million from the $49.46 million recorded on Monday.
Meanwhile, in the Peer-2-Peer (P2P) segment of the forex market, the Naira depreciated against the Dollar yesterday by N3 to sell at N864/$1 compared with the previous day’s value of N861/$1.
Similarly, in the black market, the domestic currency lost N2 against the United States currency on Tuesday to quote at N867/$1 versus the previous trading day’s N865/$1.
Yesterday, the acting governor of the Central Bank of Nigeria (CBN), Mr Folashodun Shonubi, while announcing an increase in the benchmark interest rate by 25 basis points from 18.50 per cent to 18.75 per cent, confirmed that the market was faced with liquidity issues which was restricting it from meeting its unification plans, adding that it was working on creating an efficient market as a priority.
“We are not trying to unify any rate. We believe that we need to encourage the market to be more efficient and more effective, and that takes a bit of time,” he said, adding that, “the reality that there is pent-up demand which current supply may not be sufficient for.”
In the official market, the Naira weakened against the Pound Sterling by N23.96 to close at N1,014.48/£1 versus Monday’s N990.52/£1 and against the Euro, it shed N14.53 to sell at N871.45/€1 compared with last session’s value of N856.92/€1.
As for the digital currency market, Dogecoin (DOGE) rose for a third consecutive day on Tuesday as markets continued to speculate what role the meme coin could play on the newly rebranded X platform.
Traders continued to react to Twitter’s rebrand to X and the coin, which is favoured by the owner of the platform, Mr Elon Musk; this spurred a 5.5 per cent appreciation to trade at $0.0801.
Bitcoin (BTC) rose by 0.2 per cent to sell at $29,151.28, Ethereum (ETH) went up by 0.3 per cent to $1,854.93, Ripple (XRP) rose by 1.2 per cent to $0.7052, Litecoin (LTC) expanded by 0.1 per cent to $89.35, and Solana (SOL) improved by 0.02 per cent to $23.37.
On the flip side, Cardano (ADA) slid by 0.9 per cent to $0.3018, and Binance Coin (BNB) decreased by 0.7 per cent to $237.22, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.
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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