Economy
Nigeria’s Multiple-Forex Regime Unsustainable—BMI Research
**FX Liquidity Will Boost Investor Sentiment
By Modupe Gbadeyanka
A member of Fritch Group Company, BMI Research, has revealed that improvement in the foreign exchange (Forex) liquidity in Nigeria will boost investor sentiment, just as it warned that the current multiple-rate FX regime was unsustainable beyond the short term.
In its Country Risk Report for Nigeria released recently, which was sighted by Business Post, BMI Research said despite weak first quarter data leading it to revise down its growth forecasts in 2017, “we maintain a broadly constructive outlook on prospects for Nigeria’s economic recovery over the coming quarters,” pointing out that “increasing oil output, an improvement in FX liquidity will boost investor sentiment.”
The report noted that a robust increase in oil output will sustain Nigeria’s return to a current account surplus over the coming quarters, which will “support a gradual relaxation of capital controls imposed on the country’s external position, boding well for foreign investment into the economy.”
“Slowing inflation and sluggish economic growth will encourage the Central Bank of Nigeria to adopt a more dovish stance when setting monetary policy over the coming quarters, prompting the beginning of the cutting cycle before year-end 2017. That being said, concerns over the normalisation of monetary policy in developed markets and high levels of credit growth will temper the pace of easing,” BMI Research said.
The report further stated that Nigeria’s central bank will continue to tightly manage the Naira through 2017, as the country’s improving fundamentals indicate downside pressure on the currency is beginning to decline, warning that “the current multiple-rate FX regime is unsustainable beyond the short term, and will likely be consolidated into a single-more flexible-rate in 2018.”
It said, “In the context of growing concerns in Nigeria’s domestic media regarding the health of President Muhammadu Buhari, we take a closer look at the potential fallout should he leave office before his term ends in 2019.
“Past precedent and constitutional process means we would expect relatively little instability in the handover of power, but north-south tensions could rise to the fore in the 2019 election as a result.”
However, BMI Research said, “While we believe that the security risks Nigeria faces on a number of fronts will eventually be contained, if the situation significantly deteriorates into a more intense level of conflict, this would potentially affect investment, exports, and growth.
“Power sector reforms are crucial for long-term productivity gains. If these are slowed or stalled, this would lead to lower long-term trend growth than we currently expect.”
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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