TadeNAIRA News

Nigerian Currecy, Stock Exchange and Business News

Over 1,000 firms bid for 2017 railway projects

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Over 1000 companies expressed interest in 17 categories of projects for the 2017 capital projects of the Nigerian Railway Corporation (NRC).

The Managing Director of the NRC, Engr. Fidet Okhiria disclosed this on Tuesday while declaring open the process for the opening of bids for the projects.

 

The formal opening of bids held at the corporate headquarters of the NRC in Lagos had representatives of firms who have bided for one contract or the other in attendance.

The MD represented by the Director of Operations, Mr. Niyi Ali said the open bidding was aimed at getting the best firms to carry out the projects lined up for implementation in the 2017 fiscal year.

He assured the companies that the NRC would be fair, transparent and impartial in the bidding process which explains why they have made the process open in line with the Procurement Act of 2004.

The projects include the Procurement of Tools, Equipment and Materials for emergency repairs and maintenance of Tracks; Renovation/Upgrade of Railway Stations and other buildings together with associated facilities (nationwide).

Procurement of Locomotives, Coaches, Wagons, Railway Inspection Vehicles and Cranes (Narrow Gauge and/or Standard Gauge); Procurement/Rehabilitation and Installation of equipment for Mechanical/Electrical, Security, Printing, Operations, Civil and ICT facilities; Generation of Alternative Revenue for the Corporation, Insurance Services, among others.

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Consortium led by General Electric submits only bid for Nigeria’s rail concession

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According to Reuters, a consortium led by General Electric submitted the only bid for a Nigerian railway concession project worth around $2 billion for two lines connecting northern cities to others in the south, a procurement process adviser said on Wednesday. The only bid, led by GE, was in partnership with Transnet of South Africa, Dutch-based APM Terminals and China’s Sinohydro Consortium.

The concession will cover about 3,500 km (2,200 miles) of existing narrow-gauge lines from the southwestern commercial capital, Lagos, to Kano in the north, and southeastern oil hub Port Harcourt to Maiduguri in the northeast.

“We received one bid today,” said Fola Fagbule, vice president and co-head of advisory at Africa Finance Corporation (AFC) which ran a procurement process after being appointed lead adviser by the government.

Nigeria has been looking for partners to overhaul its ageing railway system, built mainly by British colonial rulers before independence in 1960.

Nigeria’s upper chamber of parliament, the Senate, said in November it would investigate the railway concession over possible violations by Nigerian officials.

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Nigeria central bank to auction $500 mln currency forwards – Reuters

LAGOS Oct 31 (Reuters) – Nigeria central bank has asked commercial lenders to submit bids to participate at a $500 million “special forward auction” to clear a backlog of dollar demand, traders said on Monday.

The bank told lenders that the deadline for submitting bids was 1300 GMT and that it will sell forwards with 60-day and 90-day maturities, they said. (Reporting by Chijioke Ohuocha and Oludare Mayowa; Editing by Louise Ireland)

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Runaway black market - gap between exchange rates near widest since devaluation

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Nigerian foreign reserves fall 20.5 pct to $23.95 bln by Oct. 27 -central bank – Reuters

LAGOS Oct 31 (Reuters) – Nigeria’s foreign currency reserves fell 20.5 percent year-on-year to $23.95 billion by Oct. 27, down 2.7 percent month-on-month, central bank data showed on Monday.

The central bank has been selling dollars to support the weakening naira, hit by low oil prices that have triggered the first recession for 25 years.

The central bank will sell $500 million currency forwards at an auction to clear demand backlog from manufacturers, traders said on Monday, as the regulator tries to find ways to resolve a chronic dollar shortage plaguing the West African nation. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Louise Ireland)

 

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BANK ATM RATES

Diamond Bank SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 13/10/2016
UBN SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 13/10/2016
GTB SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
Access Bank SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
Ecobank SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
S.Chartered SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 14/10/2016
UBA SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 15/10/2016
FBN SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 15/10/2016
Skye SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 15/10/2016
Stanbic SUSPENDS INTERNATIONAL ATM WITHDRAWAL FROM 18/10/2016
STANBIC SAYS: From 18 October 2016, you will not be able to use your Naira debit and credit cards for international transactions. Please request for a US Dollar debit or prepaid card for transactions priced in foreign currencies. Call 01 422 2222 for details.

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TradeNAIRA: New feautures coming soon / Send us your suggestions and feedback

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Thank you for signing up to TradeNAIRA

Our platform is new, but always improving. We would love to hear your suggestions on how we can become better!

We are having our soft Launch this coming week...

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HERE ARE A LIST OF FEATURES CURRENTLY UNDER DEVELOPMENT

These Features will be rolled out shortly over the next few weeks:

1) Trading floor quick tutorial before sign up.

2) Redesign depost and withdrawal process.

3) New blog page.

4) Daily rate updates sent to users each morning.

5) Send and receive funds between TradeNAIRA users ***

6) Mobile friendly display.

7) Bug fixes.

We also have a set of long-term features that we hope will dramatically transform the user experience and capability of our product. Stay tuned...

Send us your ideas!! 

Please send us any ideas or feedback in response to this email (or send an email to support@tradenaira.com). You could win  $100 free credit for a any good ideas and we may add your suggestion as a feature for development soon.

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Welcome to TradeNAIRA

Thank you for your interest in TradeNAIRA.

We are pleased that you have shown interest in our platform and want to list our objectives;

1. Our biggest dedication is to transaparency. We want to have a clear and open market that is not subject to manipulation based on opacity.

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We hope you enjoy using our site and encourage members to contact us with any fresh ideas or just to discuss ways of making life easier for everybody.

Thanks

 

 

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