Economy
Naira Tumbles to N1,522/$1 at Official Market Despite CBN Intervention
By Adedapo Adesanya
The Naira lost N10.23 or 0.75 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 7, selling at N1,522.78/$1 compared with the previous day’s value of N1,512.55/$1.
The domestic currency weakened in the official market during the session despite a dual intervention by the Central Bank of Nigeria (CBN).
According to market traders, there was a double intervention by the apex bank on Friday in an effort to ease the pressure on the local currency.
Already, the recent poor performance of the Naira in the currency market is fanning concerns about its stability, especially when the country’s FX reserves are depleting.
At the spot market yesterday, the Nigerian currency crashed against the Pound Sterling by N47.74 to sell for N1,960.28/£1 versus Thursday’s rate of N1,912.28/£1 and against the Euro, it tumbled by N40.39 to quote at N1,648.94/€1, in contrast to the preceding session’s N1,608.55/€1.
A look at the black market segment showed that the Nigerian Naira depreciated against the greenback on Friday by N10 to settle at N1,570/$1 compared with the previous day’s value of N1,560/$1.
Meanwhile, the cryptocurrency market was upside down yesterday after a White House official backpedaled on President Donald Trump’s announcement about the creation of a strategic crypto reserve, stating that the five cryptocurrencies mentioned were examples and not necessarily the largest by market cap.
In a March 2 social media post, Mr Trump claimed that a “US crypto reserve will elevate this critical industry after years of corrupt attacks from Biden administration.”
The announcement that it would include Solana (SOL), Cardan0 (ADA) and Ripple (XRP) was met with criticism from many in the industry, who expressed concerns that the inclusion of altcoins in a strategic reserve could be a vehicle for corruption and self-dealing.
As a result, Cardano (ADA) slumped by 5.2 per cent to trade at $0.8296, Ripple (XRP) went down by 5.1 per cent to $2.36, and Solana (SOL) declined by 3.2 per cent to sell at $139.76.
Further, Bitcoin (BTC) lost 2.4 per cent to quote at $86,462.32, Ethereum (ETH) shrank by 1.9 per cent to $2,144.48, Dogecoin (DOGE) dipped by 1.4 per cent to $0.1979, and Binance Coin (BNB) plunged by 0.8 per cent to $597.86.
However, Litecoin (LTC) increased its value by 2.9 per cent, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded 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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