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FG Opens Bid for Concession of 12 Highways June 1

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The Federal Government has announced that it will officially open the bid for the concession of 12 highways to the private sectors on June 1, 2021.

This is contained in a statement by Boade Akinola, director of press and public relations in the ministry of works and housing.

The ministry said the concession is under its highway development and management initiative (HDMI).

HDMI is to develop and manage the federal road network through private sector investment, thus maximising the use of assets along the right of way.

The 12 federal highways for concession under the first phase of the HDMI are Benin-Asaba, Abuja-Lokoja; Kaduna-Kano; Onitsha-Owerri-Aba; Shagamu-Benin; Abuja-Keffi-Akwanga.

Others include Lokoja-Benin; Enugu-Port Harcourt; Ilorin-Jebba; Lagos-Ota-Abeokuta; Lagos-Badagry; and Kano-Shuari-PortisKum-Damaturu.

Babatunde Fashola, minister of works and housing, had received the certificate of compliance for the outline business case for the HDMI in December 2020, setting the stage for the commencement of procurement for concession of the roads.

This followed the official launch of the e-portal by Fashola on March 29, 2021 for the public to access all the information concerning the process and put in their applications.

According to the statement, applications were received from interested prospective concessionaires in response to the request for qualification (RfQ) thereby paving the way for opening the bid on June 1.

The ministry said the initiative is aimed at creating an alternative source of financing road development and management across the country while unlocking the massive economic potential of the project routes with attendant job creation.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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