September 16th Update On Naira To Dollar Rate

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N950 and sell at N960 on Friday, 15th September 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

The oil firms made this known in their forecasts which were filed with the Nigerian Exchange Limited.

MRS Oil projected that its revenue will be N154.02bn in Q4. That its profit before tax would be N1.50bn with its tax projected to come in at N487.61m and profit after tax predicted to be N1.02bn.

On its statement of cash flow, the oil company said that its net cash generated from operating activities would be N2.35bn and its cash and cash equivalent at the end of the third quarter would be N8.17bn.

In its half-year report, MRS Nigeria declared N59.65bn which is an increase of nearly 40 per cent from N42.66bn in H1 2022. Its profit for the period rose to N2.310bn from N351m.

For TotalEnergies Marketing Nigeria Plc, the revenue forecast for Q4 is N138.81bn. Profit before taxation is expected to hit N2.31bn, and income tax expense is projected to be N748.766m with the profit for the period being N1.56bn.