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NLC Kicks as FG Denies Reaching Agreement on Minimum Wage

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The Minister of Labour and Employment, Chris Ngige, on Wednesday, said the Federal Government and the organised labour had yet to reach an agreement on the new National Minimum Wage as being reported in the media.

He said the government was still consulting and negotiation was still ongoing.

Ngige said this in an interview with State House correspondents after a meeting of the Federal Executive Council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The minister said there was no truth in the claim that the three parties involved in the negotiation had agreed to increase the minimum wage to N30, 000.

“I saw all your newspapers yesterday (Tuesday) awash with the news that we have all agreed on N30, 000. That is not true. The Federal Government has not agreed on N30, 000,” the minister declared.

He explained that while the organised labour and the organised private sector agreed on N30,000; the Federal Government proposed N24,000 and state governors proposed N20,000.

The minister said the fact that two parties – labour and private sector- – had agreed on a figure did not mean the figure had been accepted.

He said in accordance with Convention 131 of the International Labour Organisation, the most important thing to consider in fixing the new minimum wage was the ability to pay.

Ngige recalled that a meeting of the tripartite committee on the new minimum wage was reconvened on October 4 and 5 after workers had called off the industrial action they earlier embarked on.

He disclosed that at the meeting, the three parties – the organised labour, the organised private sector and the government– adjusted the figures they had proposed for the new minimum wage.

The minister said, “If you could remember, the contentious issue as per that meeting was for figures to be fixed and we had all proposed our figures, but throughout the negotiations, figures were adjusted.

“The labour unions adjusted their figures and came down to N30, 000 per month; organised private sector also adjusted their figures from N25, 000 which they had earlier proposed to N30, 000.

“The issue of the minimum wage under Convention 131, the fixing mechanism takes that into account and also says that there must be a consensual agreement.

“So we have a figure of the Federal Government and the state governments have theirs. The state governments’ figure at the last time was N20,000, while the Federal Government had a figure of N24,000 and that was where we all stood.

“This negotiation took into account these irreducible offers on the different governments but we could not arrive at a consensus. Though we adjourned our meeting and said we would put up a report that would reflect this position, we are still continuing to discuss informally to see if we could arrive at a common figure.”

He described the matter as a sensitive one, adding that the Federal Government could not fix an amount which the states would find difficult to pay.

This, he said, might lead to retrenchment of workers in the states.

He said the present administration was not favourably disposed to retrenchment.

However, members of the organised labour had described the claims by Ngige as false and misleading.

In a statement jointly signed by the President of the Nigeria Labour Congress, Ayuba Wabba, and the President of the Trade Union Congress, Bobboi Kaigama, the unionists wondered how the minister could say no amount had been agreed by the tripartite committee.

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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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