Seplat Energy Plc, the dual-listed Nigerian independent energy company, has announced the exchange rate to be used for converting its 2024 final and special dividend payments into naira for shareholders who opt to receive their payout in the local currency.
According to the company’s statement issued on May 9, 2025, the applicable exchange rate is ₦1,609.6357 per US dollar. This rate corresponds to the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) rate as of May 8, 2025.
This exchange rate will be used to compute naira-denominated payments to shareholders who did not elect to receive dividends in US dollars. Seplat had earlier disclosed the default currency arrangements in its March 4, 2025, announcement, which is available on its investor relations website.
Why Seplat Fixes an Exchange Rate for Dividend Payments
As a company listed on both the Nigerian Exchange Limited and the London Stock Exchange, Seplat pays dividends in multiple currencies—primarily US dollars and Nigerian naira. For shareholders receiving payments in naira, it is necessary to convert the declared dividend (usually set in USD) using a clear and publicly available exchange rate. Fixing an official exchange rate ensures transparency, fairness, and consistency in dividend payments, while also shielding shareholders from exchange rate volatility at the time of payment processing.
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Seplat Energy confirms ₦1,609.64/USD as the official exchange rate for converting its 2024 final and special dividends into naira.
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Seplat Energy 2024 dividend exchange rate
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Seplat Energy, dividend payment, NGX, London Stock Exchange, Nigerian oil sector, foreign exchange rate, naira devaluation, CBN NFEM rate
