Economy
Nigeria: Foreign Reserves Deplete by $68.6m
By Ashemiriogwa Emmanuel
The total amount on the Nigerian foreign reserves depleted by $68.6 million or 0.2 per cent to $33.52 billion on Thursday, August 19, 2021, from the $33.58 billion it recorded as of Thursday, August 12, 2021.
Data sourced by Business Post from the Central Bank of Nigeria (CBN) showed that the amount in the country’s external savings initially gained $18.4 million within August 5 and August 12, raising the buffers to N33.58 billion.
However, the FX reserves started to record a downward movement last week until the amount settled at $33.52 billion last Thursday.
The continued decline in the movement of the nation’s external buffers is due to the drop in the price of crude oil in six consecutive days amid the spike in fresh COVID-19 cases globally which is the most sustained losing streak since February 2020.
As of Thursday last week, Business Post said in one its reports that the price of the commodity dropped to $66, indicating the lowest since May, chiefly as a result of low demand and a stronger US dollar.
While this has played an obvious effect on the nation’s FX reserves, there have been projections lately that the amount would hit the $40 billion threshold by September 2021 after the International Monetary Fund (IMF) credits the account of the CBN with $3.35 billion Special Drawing Rights (SDRs).
The country expects this money from the global lender on Monday, August 23, 2021 (today).
Meanwhile, the federal government has confirmed that the sale of the $6.2 billion Eurobonds will commence in September with the aim of raising funds to finance the 2021 Appropriation Act deficit.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, confirmed this when she spoke at a workshop held in Abuja last week.
At the event, the Minister mentioned that “the Federal Government of Nigeria has accessed the international capital market to finance the needed capital deficits” and “the next round of bond issuance will be sold sometime in September this year and we have had positive indications in that regard.”
When this external capital is sourced by the government, the nation’s reserves should hit nearly $45 billion.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn