Connect with us

Economy

Naira Gains on Dollar Across FX Market Windows

Published

on

unofficial FX segment

By Adedapo Adesanya

The local currency put up a better performance against the US Dollar across the segments of the foreign exchange (FX) market on Thursday as the thirst for foreign currencies waned.

Business Post reports that the Nigerian Naira appreciated against its American counterpart yesterday in the Investors and Exporters (I&E), the black market, and the Peer-2-Peer (P2P) windows of the forex market.

In the parallel market, the domestic currency gained N4 against the greenback to quote at N738/$1 compared with the preceding session’s rate of N742/$1.

Also, in the peer-to-peer segment, the Naira appreciated against the US Dollar by N4 to settle at N755/$1, in contrast to Wednesday’s exchange rate of N759/$1.

In the official market, the value of the country’s legal tender strengthened by 73 Kobo or 0.16 per cent during the session to sell for N461.17/$1 compared with N461.90/$1 of the previous trading day.

This was supported by a 41.2 per cent or $62.31 million slip in the demand for forex in the I&E segment yesterday to $88.95 million from the $151.26 million recorded in the midweek session, according to data from FMDQ Securities Exchange.

However, in the interbank segment, the Naira lost against the Pound Sterling on Thursday by N2.15 to trade at N551.18/£1 versus Wednesday’s value of N549.03/£1 and against the Euro, it tumbled by N2.60 to close at N487.75/€1 versus N485.15/€1.

Meanwhile, positive outcomes were recorded in the cryptocurrency market, where the largest-valued coin, Bitcoin (BTC), surged above $18,000 due to positive information from the US inflation report yesterday.

The figures released on Thursday showed a considerable drop in consumer prices and triggered a 7.3 per cent rise in BTC to $18,824.79, as Ethereum (ETH) moved up by 5.6 per cent to $1,421.27.

Cardano (ADA) recorded a 4.4 per cent increase to sell at $0.3285, Dogecoin (DOGE) notched a 4.0  per cent rise to trade at $0.0796, Solana (SOL) recorded a 3.6 per cent gain to sell at $16.37, Litecoin (LTC) jumped by 3.4 per cent to $85.11, Binance Coin (BNB) increased by 2.4 per cent to $286.11, and Ripple (XRP) chalked up 1.4 per cent to quote at $0.3755.

But the duo of US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

on

capital market operators

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.

Continue Reading

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

on

fidson

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.”

Continue Reading

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

on

FG contractors protest

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.

Continue Reading

Trending