Economy
Naira Plunges 27.2% at Official Market on Forex Supply Squeeze
By Adedapo Adesanya
Fresh pressure mounted on the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the foreign exchange (FX) market on Tuesday, January 9, causing its value against the United States Dollar to weaken by 27.2 per cent or N232.94 to quote at N1,089.51/$1 compared with the previous day’s value of N856.57/$1.
The local currency suffered a significant loss during the session as forex traders could not meet the strong demand of their customers, though the value of transactions rose by 63.3 per cent or $37.79 million to $97.45 million from the $59.66 million achieved a day earlier.
On Monday, the FX market was bullish after the Central Bank of Nigeria (CBN) said it had cleared some backlogs owed in forward contracts as well as to foreign airlines.
This development still kept the exchange rate of the Naira and the other two key currencies stronger in the official market yesterday, as it gained N26.44 on the Pound Sterling to close at N1,086.90/£1 versus the preceding day’s N1,113.34/£1 while the domestic currency improved its value by N24.13 against the Euro to settle at N936.52/€1 compared with Monday’s rate of N960.65/€1.
Also, in the parallel market, the Naira was strengthened against the greenback on Tuesday by N5 to quote at N1,240/$1 compared with the previous trading day’s value of N1,245/$1.
However, in the Peer-to-Peer (P2P) section of the market, the Nigerian currency lost N6 against its American counterpart yesterday to trade at N1,230/$1, in contrast to the N1,224/$1 it was exchanged in the preceding session.
As for the digital currency market, most of the benchmarked tokens tracked by Business Post on Tuesday closed in the green territory after the US Securities and Exchange Commission’s official social media account on X (formerly Twitter) posted a notice in the evening falsely claiming it had approved listings for Bitcoin exchange-traded funds (ETFs). The controversial post has since been deleted.
Moments later, SEC Chair, Mr Gary Gensler said in a post on his account that the agency’s account was “compromised, and an unauthorized tweet was posted.”
The illegitimate post sent from the SEC’s account said, “Today, the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.”
The market took this development as a positive sign that approval may still be in the works, with Bitcoin (BTC) jumping by 6.8 per cent to $47,158.42, while the second most valued coin, Ethereum (ETH), added 4.8 per cent to sell for $2,346.85.
In addition, Cardano (ADA) appreciated by 5.4 per cent to close at $0.5388, Solana (SOL) recorded a 5.2 per cent jump to trade at $98.04, Litecoin (LTC) grew by 3.6 per cent to finish at $67.47, Ripple (XRP) moved up by 2.5 per cent to $0.5789, Dogecoin (DOGE) increased its value by 1.9 per cent to sell at $0.0812, and Binance Coin (BNB) went up by 0.4 per cent to trade at $306.93, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at the close of transactions at $1.00, respectively.
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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