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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

bloomy-6

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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

By admin |

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...

We are launching in the coming week and already have funds available to buy on our platform now ($25,000, £5,000, €5,000). We are also encouraging our members to start putting up their currency for sale too.

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.

2. We want a fair exchange. Every member has full control over pricing.

3. We want to distrupt an outdated market. Nigeria's foreign exchange market has not had any innovation for decades. While technology has moved forward, our economy has stayed in the stone age.

4. Bridge the gap between the two markets. We want to reduce the spread between the official market, led by the CBN, and the parrallel market. This gap has been a drain on economic activity and a tax on many businesses trying to operate internationally.

5. Grow the Nigerian economy. In everything we do, we always put the well being and the development of Nigeria's economy at the forefront of our activities. We work hand in hand with businesses trying to promote positive commercial activities that can provide local jobs.

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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