The Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in shares of African Alliance Insurance Plc and Royal Exchange Plc following their failures to filed their audited financial statements for the year ended 31 December 2020 and unaudited financial statements for the quarter ended 31 March 2021.
The companies were among the four companies suspended on 2 July 2021. However, the suspension was lifted after the two companies filed their audited financial statements and unaudited financial statements as required. The other two companies are the Niger Insurance Plc and the Tourist Company of Nigeria Plc.
NGX disclosed in a statement published on its website.
The statement reads, “African Alliance Insurance Plc and Royal Exchange Plc, two (2) of the four (4) listed companies that were suspended on 2 July 2021, have now filed their Audited Financial Statements for the year ended 31 December 2020 and Unaudited Financial Statements for the quarter ended 31 March 2021.
“In view of the companies’ submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”, Trading License Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of African Alliance Insurance Plc and Royal Exchange Plc was lifted on Monday, 4 October 2021.”
Dollar to Naira Black Market Today August 1st, 2023
As of August 1st, 2023, the dollar to naira exchange rate is 1 USD to 867 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦867, Investors King reports.
This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How much is $1 to Naira in black market?
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦862 and ₦867 as of the time of writing today.
What is the current exchange rate of the dollar to naira in the black market today?
According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦862 and sold for ₦867.
Exchange Rate of Dollar To Naira in Black Market Today?
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Central Bank of Nigeria (CBN) Naira Exchange Rates for banks
Investors King understands that although the dollar to naira opened at N867 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.
On Tuesday, August 1st, 2023, individuals in the black market purchased one US dollar for N867 and sold it for N862. This shows that the value of the Naira is mixed when compared to Monday, July 31st, 2023 when the local currency was exchanged at N862 to a Dollar and a Dollar was purchased at N867.
To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:
- Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
- Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
- Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
- Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.
Commercial Paper Quotations Surge on FMDQ Exchange, Reaching N669.36bn in Q1 2023
The FMDQ Exchange, Nigeria’s foremost debt capital market, has reported a remarkable increase in the value of quoted commercial papers (CPs) during the first quarter of 2023.
The total outstanding value of CPs rose to an impressive N669.36bn at the end of the same period, indicating a significant boost to the country’s financial market.
The monthly reports from the FMDQ Exchange reveal a sustained upward trend in the quotations of commercial papers since the beginning of the year. These quoted CPs were issued by institutions across diverse sectors, including real estate, financial services, manufacturing, agriculture, and health.
In February 2023, the total value of CPs quoted on the FMDQ Exchange stood at N101.84bn, representing a month-on-month increase of 22.40% (N18.64bn) compared to January 2023. The sectors contributing to these quoted CPs included financial services, real estate, manufacturing, construction, and more.
The upward trajectory continued in March 2023, with the total value of CPs quoted on the FMDQ Exchange reaching a staggering N354.18bn. This figure reflected a substantial month-on-month increase of 247.80% (N252.34bn) from the previous month. Manufacturing, agriculture, financial services, real estate, telecommunications, commodities trading, and general commerce were the sectors responsible for issuing quoted CPs.
The surge in commercial paper quotations resulted in a remarkable 82.76% month-on-month increase (N303.11bn) in the total outstanding value of CPs, reaching N669.36bn. It is worth noting that CPs worth N113.10bn matured and were redeemed in January 2023.
Comparing the data with previous months, the figures for the first three months of 2023 far exceeded the preceding seven months, which saw quoted CPs below N80bn.
Commenting on this trend, Johnson Chukwu, the Chief Executive Officer at Cowry Asset Management Limited, emphasized that the high interest rates and the ease of issuing commercial papers were driving companies to seek funding in the money market. Chukwu explained that during periods of high-interest rates, borrowers prefer short-term debts to avoid being locked into long-term obligations.
Furthermore, Chukwu highlighted that commercial papers offer companies a cost-effective alternative to borrowing from banks. By accessing the commercial paper market directly, borrowers can tap into lower borrowing costs compared to the fees associated with bank loans.
Okiki Oladipo, an analyst at Parthian Partners, pointed out that the current low yield in the money market is attracting businesses to engage in this segment. However, there are expectations of a rise in yields, which could impact the sustainability of this funding strategy. Oladipo emphasized that a borrower’s financial health and the trajectory of market yields play pivotal roles in determining the long-term viability of the strategy.
The surge in commercial paper quotations on the FMDQ Exchange underscores the growing significance of this financial instrument in Nigeria’s capital market. As more companies turn to commercial papers for funding, it is expected to stimulate economic growth and provide additional opportunities for investors in the country.
FMDQ Exchange Lists N300bn Dangote Industries Funding Plc Senior Unsecured Bonds
FMDQ Securities Exchange Limited (FMDQ Exchange) announced yesterday that it has approved the listing of Dangote Industries Funding Plc’s N187.58 billion Series 1 (Tranche A & B) and N112.42 billion Series 2 Senior Unsecured Bonds under its N300 billion Debt Issuance Programme on its platform.
The Series 1 and 2 bonds were listed on FMDQ Exchange in November 2022 and March 2023, respectively.
To commemorate the occasion, FMDQ Exchange held a listing ceremony at its offices. Managing Director, Ms. Tumi Sekoni, represented by Ms. Jumoke Olaniyan, Senior Vice President, Business Development Division, FMDQ Exchange, congratulated the issuer and sponsors on achieving this milestone, noting that their decision to raise funds from the debt markets via the Exchange’s platform was a testament to the highly efficient time-to-market and unrivalled listing and quotation service offered by FMDQ Exchange.
In a special address, Mr. Olakunle Alake thanked the investor community, Securities and Exchange Commission, FMDQ Exchange, and their team of professional advisers led by Standard Chartered Capital and Advisory Nigeria Limited and Stanbic IBTC Capital Limited for ensuring successful outings on both their debut and subsequent bond issuances.
Delivering the sponsor’s remarks, Mrs. Yemisi Deji-Bejide, CEO of Standard Chartered Capital and Advisory Nigeria Limited, stated that “the phenomenal success of this transaction reflects the strong credit quality of the issuer as well as the depth and resilience of the Nigerian domestic markets, despite the global market volatility.”
FMDQ Exchange’s commitment to innovation and efficient services will continue to support issuers and investors towards achieving an operationally excellent and globally competitive debt market.
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