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First Aluminium may take a bow soon

Year to date, First Aluminium stock is down 20%.

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First Aluminium Nigeria Plc

Minority shareholders of First Aluminium Plc at the company’s Annual General Meeting (AGM) held recently, expressed outrage at plans to voluntarily delist from the Nigerian Stock Exchange (NSE).

The AGM, which had gone on smoothly till then, became rancorous when the motion for voluntary delisting from the Nigerian Stock Exchange (NSE) was moved.

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A poll vote was eventually requested by the Chairman (relying on section 224 of the Corporate and Allied Matters Act).

At any general meeting, a resolution put to the vote shall be decided on a show of hands, unless a poll is (before or on the declaration of the result of the show of hands) demanded by –

The chairman, where he is a shareholder or a proxy.

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At least three members present in person or by proxy.

Results of the poll will be published in two national newspapers and on the company’s website. The shareholders, in anger, destroyed plates meant for the serving food.

Reasons behind the planned delisting

Vice Chairman of the company, Tosa Ogbomo, during the meeting, stated that the company had considered the move as it would enable it to pursue other means of raising funds for capital. Bank charges are currently taking up a huge chunk of the company’s earnings.

For the financial year ended December 2017, the company made N1.2 billion as operating profit but paid N733 million as bank charges.

For the half year ended June 2018, the company made N211 million as operating profit but paid N128 million as finance costs.

A public offer would not be feasible, as the current low share price would mean issuing a large volume of shares. This would severely dilute the shareholding of current shareholders. The company already has 2.11 billion shares outstanding.

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A rights issue could also result in the squeezing out of retail investors, as they typically do not take up their shares.

Alucon of SA holds 75% of the company’s issued share capital.

Mr. Ogbomo, however, assured the shareholders that they would still own their shares post-delisting.

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Why shareholders are angry

For retail investors, the situation could most likely lead to a mandatory tender offer (MTO). Under NSE rules, the tender offer would be at the highest price in the last six months before the MTO was announced. This would most likely be in the region of N0.55 per share.

Many of the shareholders had bought the stock when it was trading at N5, some at a much higher level. This would amount to a huge loss.

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Year to date, the stock is down 20%.

The shareholders are also of the opinion that the move is an ill-timed one in view of the company’s return to profitability.

 Fighting a losing battle

Minority shareholders are fighting a losing battle, as the majority shareholders outnumber them, and will eventually carry on with the delisting. Failing that, they could opt for a mandatory takeover.

Patricia

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

3 Comments

3 Comments

  1. Anonymous

    September 28, 2018 at 1:24 pm

    the regulatory should make show that first aluminum management conduct another meeting because the last AGM IS an embarrassment to nigeria investor and the action will have a negative effect on the capital market and the investors are going to lose confidence on the market

  2. Anonymous

    September 28, 2018 at 1:28 pm

    we the shareholders of the company want efcc,icpc to investigate the investors bringing in money for the company a company that have not been paying dividend

  3. adeleke oladimeji

    September 28, 2018 at 1:37 pm

    the regulator should not aspect the listing process because the meeting is and embarrassment to nigeria investors and to the capital market. the board should call for another meeting the meeting is a show of shame

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Cryptocurrency

LINK, most profitable crypto-asset in 6 months, gains 451%

ChainLink is showing signs of life while other crypto assets are pulling back lately.

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ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

In the crypto industry, one crypto asset is emerging as the most profitable crypto asset in 2020 for its investors. The name of that crypto asset is LINK.

The detail: ChainLink (LINK) has gained about 451% in 6 months, moving from $2.12 on March 15, 2020, to $9.57 as at the time this report was drafted. This has made it the ninth most valuable crypto asset by market capitalization value of $3.35 billion.

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The recent gain in this fast-growing crypto-asset follows a recent pullback after LINK reached the $8.94 price levels near the middle of July.

ChainLink is showing signs of life, while Bitcoin and most of the crypto assets are pulling back lately. One thing to keep an eye on is the trading and social volume in relation to its price direction. An increase appears to be starting, which is correlating with this rise.

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Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.

Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

Recall that about a year ago, ChainLink announced that Google was integrating ChainLink into their approach to smart contract adoption. Here’s how users can use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.

Patricia
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Stock Market

ZENITH BANK, FLOUR MILL, SEPLAT record gains, as investors gain N39.55 billion

Trading turnover however closed negative, as trading volume dropped by -17.17%.

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Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November , Law Union & Rock Insurance Plc Announces Notice of Board Meeting and Closed Period, NSE Hosts First Virtual Automated Trading System (ATS) Broker Certification Training Programme, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion, Nigerian bourse close flat, triggered by low market liquidity

The Nigerian Stock market continued its bullish run on Tuesday as the All Share Index gained 0.31% to close at 24,841.94 basis points, as against +0.29% appreciation recorded on Monday. Its Year-to-Date (YTD) returns currently stands at -7.45%.

Trading turnover however closed negative, as trading volume dropped by -17.17% compared to +83.57% gain recorded yesterday.

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TRANSCORP, FBNH, and WAPCO were the most active to boost market turnover. NB and GUARANTY topped the market value chart. Investors gained N39.55 billion.

Meanwhile, market breadth closed positive, with MANSARD leading 23 gainers as against 10 losers topped by CAP. This marked an improved performance when compared with the previous outlook.

Top gainers

  • UACN up 8.73% to close at N6.85
  • FLOURMILL up 4.00% to close at N19.5
  • ZENITHBANK up 3.67% to close at N16.95
  • SEPLAT up 3.48% to close at N321
  • NB up 3.23% to close at N32.

Top Losers

  • CAP down 9.94% to close at N15.4
  • TOTAL down 9.91% to close at N79.1
  • ARDOVA down 9.67% to close at N12.15
  • UNILEVER down 8.57% to close at N11.2
  • GLAXOSMITH down 8.49% to close at N4.85.

Outlook

The Nigerian bourse continued its bullish rally on Tuesday as buying pressure from notable Nigerian stocks lifted All Share Index upward. Nairametrics envisages cautious buying on thin market liquidity, as the Nigerian bourse experienced low trading activity by institutional investors.

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Patricia
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Currencies

Daily Parallel Market exchange rate – ₦480/$1

The US dollar closed at ₦480/US$1 in the parallel market

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar as of Tuesday, August 4th 2020 closed at 480/US$1 on the parallel market. The exchange rate closed at 480/$1 on Monday 3rd August 2020.

  • Naira:480
  • Dollar: $1
  • Date: August 4th, 2020

The exchange rate between the naira and the British pound sterling closed at  ₦570/₤1 on Tuesday 4th August same as recorded on Monday 3rd August 2020.

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  • Naira: ₦570
  • Pounds Sterling: ₤1
  • Date: August 4th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦530/€1 on Tuesday 4th August 2020. The exchange rate also closed at ₦530/€1 on Monday 3rd August 2020.

  • Naira: ₦530
  • Euro: €1
  • Date: August 4th, 2020

Activity: USD closed at 480/US$1 in the parallel market

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READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
4/2/2020Euro410415410415Low
4/1/2020Pounds480485480485Low
4/1/2020Dollar395400395400Low
4/1/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
3/30/2020Euro407412407412Low
3/27/2020Pounds480485480485Low
3/27/2020Dollar385390390395Low
3/27/2020Euro405410407412Low
3/26/2020Pounds480485480485Low
3/26/2020Dollar385390385390Low
3/26/2020Euro405410405410Low
3/25/2020Pounds475480480485Low
3/25/2020Dollar380385385390Low
3/25/2020Euro400405405410Low
3/24/2020Pounds475480475480Low
3/24/2020Dollar380385380385Low
3/24/2020Euro400405400405Low
3/23/2020Pounds474478474478Low
3/23/2020Dollar380385380385Low
3/23/2020Euro400403400403Low
3/20/2020Pounds475480475480Low
3/20/2020Dollar370375365367Low
3/20/2020Euro395400395400Low
3/19/2020Pounds475480475480Low
3/19/2020Dollar370375370375Low
3/19/2020Euro395400395400Low
3/18/2020Pounds471475471475Low
3/18/2020Dollar370375370375Low
3/18/2020Euro390395390395Low
3/17/2020Pounds470475470475Low
3/17/2020Dollar375380375380Low
3/17/2020Euro400403400403Low
3/16/2020Pounds470475470475Low
3/16/2020Dollar370375370375Low
3/16/2020Euro400403400403Low
3/13/2020Pounds470475470475Low
3/13/2020Dollar372377372377Low
3/13/2020Euro400403400403Low
3/12/2020Pounds475485490495High
3/12/2020Dollar365380375404High
3/12/2020Euro405412410420Low
3/11/2020Pounds470475475485Low
3/11/2020Dollar360366365375Low
3/11/2020Euro387403405412Low
3/10/2020Pounds468472470475Low
3/10/2020Dollar358360360362Low
3/10/2020Euro390398387403Low
3/9/2020Pounds468472468472Low
3/9/2020Dollar358360358360Low
3/9/2020Euro392398392398Low
3/6/2020Pounds468472468472Low
3/6/2020Dollar358360358360Low
3/6/2020Euro390398390398Low
3/5/2020Pounds468472468472Low
3/5/2020Dollar358360358360Low
3/5/2020Euro390397390397Low
3/4/2020Pounds468473468473Low
3/4/2020Dollar358360358360Low
3/4/2020Euro387392387392Low
3/3/2020Pounds468472468472Low
3/3/2020Dollar358360358360Low
3/3/2020Euro387392387392Low
3/2/2020Pounds468472468472Low
3/2/2020Dollar358360358360Low
3/2/2020Euro387392387392Low
2/28/2020Pounds468472468472Low
2/28/2020Dollar358360358360Low
2/28/2020Euro387392387392Low
2/27/2020Pounds467471468472Low
2/27/2020Dollar358360358360Low
2/27/2020Euro386390387392Low
2/26/2020Pounds468472467471Low
2/26/2020Dollar358360358360Low
2/26/2020Euro386390386390Low
2/25/2020Pounds467472468472Low
2/25/2020Dollar358360358360Low
2/25/2020Euro388392386390Low
2/24/2020Pounds467472467472Low
2/24/2020Dollar358360358360Low
2/24/2020Euro388392388393Low
2/21/2020Pounds467473468473Low
2/21/2020Dollar358360358360Low
2/21/2020Euro388392388392Low
2/20/2020Pounds467473467473Low
2/20/2020Dollar358360358360Low
2/20/2020Euro388392388392Low
2/19/2020Pounds467473467473Low
2/19/2020Dollar358360358360Low
2/19/2020Euro390394390394Low
2/18/2020Pounds467473467473Low
2/18/2020Dollar358360358360Low
2/18/2020Euro390394390394Low
2/17/2020Pounds469473467474Low
2/17/2020Dollar358360358360Low
2/17/2020Euro390394390394Low
2/14/2020Pounds469473469473Low
2/14/2020Dollar358360358360Low
2/14/2020Euro390394390394Low
2/13/2020Pounds470475470475Low
2/13/2020Dollar358360358360Low
2/13/2020Euro390396390396Low
2/12/2020Pounds470475470475Low
2/12/2020Dollar358360358360Low
2/12/2020Euro390396390396Low
2/11/2020Pounds470475470475Low
2/11/2020Dollar358360358360Low
2/11/2020Euro390396390396Low
2/10/2020Pounds470475470475Low
2/10/2020Dollar358360358360Low
2/10/2020Euro390396390396Low
2/7/2020Pounds471475471475Low
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9/5/2019Dollar358360358360Low
9/5/2019Euro400405400405Low
29/04/2019Pounds470475470475Low
29/04/2019Dollar358360358360Low
29/04/2019Euro400405400405Low
26/04/2019Pounds470475470475Low
26/04/2019Dollar358360358360Low
26/04/2019Euro400405400405Low
25/04/2019Pounds470475470475Low
25/04/2019Dollar358360358360Low
25/04/2019Euro400405400405Low
24/04/2019Pounds470475472476Low
24/04/2019Dollar358360358360Low
24/04/2019Euro400405400405Low
23/04/2019Pounds474478472476Low
23/04/2019Dollar355360358360Low
23/04/2019Euro390402400405Low
22/04/2019Pounds472476472476Low
22/04/2019Dollar357360358360Low
22/04/2019Euro400405400405Low
19/04/2019Pounds467471470475Low
19/04/2019Dollar355360357360Low
19/04/2019Euro395400402406Low
18/04/2019Pounds470475470475Low
18/04/2019Dollar357360357360Low
18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

Data is collated from various black market dealers on the mainland and island of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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