Economy
Naira Weakens on Cash Crunch, Higher Demand for Dollars
By Adedapo Adesanya
The Naira depreciated against the Dollar at the different segments of the foreign exchange (FX) market on Thursday, February 2.
The forex market came under pressure as customers continue to scamper for both local and foreign currencies following moves by the Central Bank of Nigeria (CBN) to mop up cash in the country, turning the tempo on the local currency.
This led to losses in the value of the domestic currency against the US Dollar at the Peer-to-Peer (P2P), parallel market, and the Investors and Exporters (I&E) windows of the forex market.
In the P2P market, the local currency fell by N2 against the greenback to sell at N762/$1 compared to the preceding day’s value of N760/$1.
In the black market, the Nigerian currency also depreciated against the American Dollar yesterday by N2 to trade at N752/$1, in contrast to the midweek’s rate of N750/$1.
At the official FX window, the Naira fell against the greenback by 50 Kobo or 0.11 per cent to quote at N462.00/$1 compared with the previous session’s N461.50/$1, as the demand for Dollars increased, putting pressure on the local currency.
Data from the FMDQ Securities Exchange showed that the value of forex transactions recorded yesterday stood at $119.35 million, in contrast to the preceding session’s $105.37 million, representing an increase of 13.3 per cent or $13.98 million.
However, in the interbank segment, the Naira appreciated against the British Pound Sterling by 10 Kobo to trade at N568.32/£1 versus N568.42/£1, and against the Euro, it depreciated by N4.79 to close at N507.14/€1 compared with the previous session’s N502.35/€1.
Meanwhile, the cryptocurrency market treaded downward on Thursday as markets continued to react to the latest US Federal Reserve policy decision. On Wednesday, the US central bank moved to increase rates by 25 basis points while signalling that further hikes could be on the cards.
Bitcoin (BTC) slid 1.7 per cent to sell at $23,532.94, Ethereum (ETH) dropped 2.1 per cent to settle at $1,640.69, Solana (SOL) shed 4.5 per cent to quote at $24.26, Dogecoin (DOGE) depreciated by 3.4 per cent to $0.0913, and Litecoin (LTC) went down by 1.5 per cent to $98.79.
Further, Cardano (ADA) lost 2.4 per cent to trade at $0.3987, Binance Coin (BNB) recorded a 1.6 per cent slide to sell at $320.95, and Ripple (XRP) declined by 1.1 per cent to finish at $0.41, while the United States Tether (USDT) and Binance USD (BUSD) remained unchanged 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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