Economy
What Can Make Nigeria Abandon Naira for ECOWAS Currency
By Adedapo Adesanya
Nigeria could swap the Naira for the single currency being proposed by the Economic Community of West African States (ECOWAS) if good monetary and fiscal policies are put in place, Business Post analysis shows.
Originally intended to be launched in 2000, the ECO, which is the currency being considered, has been postponed multiple times; and the newest target date set is 2020.
With this, it means six member countries, including Nigeria, Liberia, Sierra-Leone, and Ghana; could swap their currencies for the ECO. ECOWAS countries like Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo currently jointly use the CFA franc.
The 15-member group had announced at the end of an ECOWAS summit in Abuja in July 2019 that part of its plans was to redress the region’s economic problems. It was stated at the gathering that the adoption of ECO could set things in motion.
Mahamadou Issoufou, the president of Niger Republic, who also doubles as the ECOWAS chairman, explained that there was a real firm political will to increase efforts ahead of the January 2020 deadline.
“We are of the view that countries that are ready will launch the single currency and countries; that are not ready will join the programme as they comply with all six convergence criteria,” Issoufou said at the past ECOWAS meeting.
However, the African Development Bank Group (AfDB) in a report said; “The 2020 deadline for the single currency will most like be postponed again unless West African countries can align with their monetary and fiscal policies.”
But ECOWAS has since pushed ahead as it stated that it will be working with the West African Monetary Agency (WAMA), the West Africa Monetary Institute (WAMI), and central banks of West African nations to speed up the implementation of a new road map for the proposed single trade currency.
On Nigeria’s part, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, recently noted that the proposed date for the commencement of a single-currency regime for West Africa may not be realised as many countries within the region have yet to meet the criteria for the monetary union.
She said only Togo had met criteria to adopt the ECO, and with only the country achieving this, it would be difficult to operate the single currency regime by next year, which is just few days away.
To be able to adopt the single currency, key demands for entry are for countries to have a deficit of less than 3 percent of gross domestic product (GDP), inflation of 10 percent or under and debts worth less than 70 percent of GDP, but Nigeria’s GDP stands at less than 2.3 percent (Q3 ’19) while its inflation as at November 2019 was 11.85 percent.
However, despite the increase in the Nigeria’s debt profile, the country’s debt-to-Gross Domestic Product (GDP) ratio is still well below the average for sub-Saharan Africa and Africa as a whole as the International Monetary Fund (IMF) noted last month.
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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