Economy
Naira to Trade N410/$1 at Interbank as FG Devalues Currency Again
By Adedapo Adesanya
The Naira is set to trade at N410/$1 at the interbank segment of the foreign exchange (forex) henceforth as the federal government is adopting a new flexible exchange rate policy for official transactions in a move that shows the local currency has been devalued for the third time within a year.
On Monday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the country will now start to use the Investors and Exporters (I&E) rate for government transactions too.
Yesterday, the I&E or NAFEX rate closed at N410.13/$1 compared to N410/$1 at the previous session, indicating a depreciation of 13 kobo or 0.03 per cent.
The NAFEX rate was introduced in 2017 as a way of wooing foreign investors without formally devaluing the currency but Dollar shortages from low crude revenues have led the country to devalue its currency more than once since March 2020.
According to Mrs Ahmed, “Within the government and the central bank, there is only one official rate and that’s the NAFEX rate.”
This means the Central Bank of Nigeria (CBN) will no longer sell to commercial banks at N379/$1 it was quoted on Monday.
The adoption of the flexible-rate policy could assist discussions with the World Bank for a $1.5 billion loan that is partly conditional on currency reforms.
Meanwhile, transactions worth $25.88 million were recorded at the I&E market on Monday in contrast to $46.43 million last Friday, signifying a drop of $20.55 million or 44.3 per cent in the turnover.
At the parallel market, the Naira depreciated by N1 to sell at N486/$1 compared to N485/$1 it was traded at the preceding trading session, while against the Euro, it appreciated by N1 to sell at N582/€1 in contrast to N583/€1 of the previous session.
However, the domestic currency made no movement against the British Pound Sterling as it remained unchanged at N680/£1 on Monday.
At the cryptocurrency market, the outcomes were mixed as data obtained by Business Post showed that the Ripple (XRP), reeling on the back of news that court may rule that it is not a security but a currency, surged by 9.9 per cent to sell for N321.01.
Bitcoin (BTC) saw its value appreciate by 4.4 per cent to trade at 32,789,500; while the US Dollar Tether (USDT) gained 12.2 per cent to trade at N599.98.
On the loser’s end, the Ethereum depreciated by 0.2 per cent to sell at N1,025,500; the Litecoin (LTC) lost 7.1 per cent to trade at N107,000; the Dash (DASH) depleted by 0.2 per cent to sell at N125,000; while the Tron (TRX) lost 1.3 per cent to sell at N35.40.
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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