Prominent financial institution, DLM Capital Group, has announced the maturity and successful redemption of its ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Paper Issues under its ₦20 Billion Commercial Paper Issuance Programme.
The ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Papers which were all issued via and quoted on the FMDQ Securities Exchange; matured on the 31st May 2022, 29th August, 2022, and 12th August 2022 respectively. In line with best practice, the FMDQ has been informed of these redemptions.
With a successful outing, the three Series garnered investments from a variety of investors ranging from Pension Fund Administrators, Asset Managers, Insurance companies and Banks.
Commenting on the successful redemption, the GCEO of DLM Capital Group, Mr. Sonnie B. Ayere, said, “We are pleased to have fully repaid all the investors in the Series 1, Series 2 and Series 3 CP issuances. We thank all our investors for their participation and reiterate our commitment to being a counterparty that can be relied on for the long term; we have been around for 13 years, and we will continue to contribute our quota to Nigeria’s development”.
He further added that “these redemptions reflect DLM’s capacity to meet its financial obligations as at when due and we intend to remain an active issuer in the commercial paper market.”
The Group comprises of the following businesses: retail banking via our digital channel SoFRI, consumer & business lending, asset management, investment banking, trustees, securities trading and foreign exchange.
Fast Credit CEO Emeka Iloelunachi Proudly Announces Seamless Redemption of Series 2 Commercial Paper
Fast Credit Limited’s Chief Executive Officer, Emeka Iloelunachi, proudly announced the successful redemption of the Series 2 Commercial Paper Issuance in a statement released on Monday.
This achievement marks another significant milestone for the financial institution, reinforcing its reputation for fiscal resilience and adherence to sound financial practices.
The Series 2 Commercial Paper, a pivotal element in Fast Credit’s diversified financing strategy, was efficiently redeemed, underlining the company’s meticulous financial planning and disciplined execution.
The payout, executed seamlessly on November 30, reflects the company’s dedication to transparency and accountability.
Fast Credit has consistently demonstrated its commitment to meeting financial obligations punctually, fostering trust and confidence among investors and stakeholders alike.
Investors who participated in the Series 2 Commercial Paper Issuance on June 5, 2023, received their payout, further solidifying Fast Credit’s position as a reliable investment choice.
The timely redemption underscores the company’s ability to navigate the complexities of the financial landscape and strategically manage its debt instruments.
Emeka Iloelunachi expressed his enthusiasm, stating, “We are thrilled to announce the successful payout of our Series 2 Commercial Paper Issuance. This achievement reflects not only the strength of our business but also the dedication of our team and the trust our investors place in us. We remain committed to maintaining the highest standards of financial integrity and transparency.”
The redemption of the Series 2 Commercial Paper adds to the positive narrative surrounding Fast Credit’s financial performance, enhancing its reputation within the financial markets.
This triumph resonates not only within the company but also across the broader community of investors, analysts, and stakeholders closely monitoring Fast Credit’s financial trajectory.
Fast Credit’s ability to deliver on its financial commitments reinforces its position as a leading financial institution and sets a benchmark for excellence in the industry.
As the company continues its trajectory of success, investor confidence remains buoyant, signaling a positive outlook for Fast Credit in the competitive financial landscape.
Nigeria’s Commercial Papers Surge to Over N1 Trillion
Commercial Papers (CPs) listed on the FMDQ Exchange in the first 10 months of the year now worth N1 trillion.
This represents a 279.38% increase compared to the same period in 2022, signaling a significant shift in corporate financing strategies.
The financial services sector takes the lead, contributing approximately 55% of the listed CPs while the manufacturing sector closely follows with 37 CPs and the real estate and agriculture record 24 and 19 CPs, respectively.
The trend aligns with the observation of David Adonri, Vice Chairman of Highcap Securities, who notes that the surge in high-interest rates prompts companies to seek more cost-effective funding sources, turning to CPs as a viable solution for short-term capital needs.
Adonri emphasizes the advantage of CPs, especially in financing working capital, as they offer a lower cost compared to traditional bank borrowing.
Echoing similar sentiments, Johnson Chukwu, CEO at Cowry Asset Management Limited, underscores the impact of the high-interest rate environment, driving companies to explore the money market for funding.
The ease of issuing commercial papers adds to their appeal.
Tajudeen Olayinka, CEO of Wyoming Capital and Partners, sheds light on the practicality of CPs for real sector businesses facing prohibitive capital costs.
The surge in CP listings in the fixed-income market reflects the strategic utilization of this short-term funding source.
This financial shift comes against the backdrop of Nigeria’s inflation figure at 27.33% and a Monetary Policy Rate of 18.75%.
The Central Bank of Nigeria’s recent approval of an explicit inflation-targeting framework further emphasizes the need for adaptive financial strategies in the face of evolving economic conditions.
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.
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