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Nigerian workers make demands from Buhari

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Some Federal Government workers on Monday urged President Muhammadu Buhari to give priority to timely payment of pensions and gratuities to retirees.

The workers made the plea in separate interviews with the News Agency of Nigeria (NAN), in Lagos, at the pre- retirement workshop organised by National Pension Commission (PenCom) for workers due to retire in 2020.

They noted that retirees were being made to wait endlessly before receiving their benefits, despite serving their fatherland for more than 30 years.

One of the workers, Mr Olusegun Oga, a a staff of Neuro Psychiatric Hospital, Lagos, told NAN that the delay in settling retirees’ gratuities and pensions had brought discomfort to many retired workers and their families.

“Most times, retirees find it difficult to make ends meet after retirement, this happen because of the long period awaited for gratuities and pensions payments.

“President Buhari must ensure that retirees get there benefits a month after retirement.

“A federal government worker should be paid like workers in the private sector that access their gratuities immediately after retirement,” he said.

Mr Olufela Fashoro, an Assistant Editor- in-Chief in NAN, also urged the government to fast track the payment process, as doing so would ease the hardships retirees go through and make them live long.

Another worker set for retirement, Mr Ime Abakada, commended PenCom for organising the workshop, but said it must improve on the payment process.

”The workshop is a good thing, it has created a lot of awareness for us, but the government should improve on pension payments process,” he said.

Mrs Ekanem Aikhomu, Head, Benefit and Insurance Department, PenCom, while reacting to the pleas said the commission had written to President Buhari on the payment of all accrued pensions.

Aikhomu said the President, thorough the Ministry of Finance is working hard to ensure that retirees’ plight come to an end.

“For instance, the amount we budgeted in 2019 to clear Accrued Pension of Retirees was not reduced, unlike the previous ones.

”Though, we won’t disclose the amount, but all we are waiting for is cash backing,” she said.

The Head, Corporate Communications, PenCom, Mr Peter Aghahowa further said the Commission will not relent in making the country’s pension landscape at par with developed countries.

He said the Commission’s commitment to all citizens was one major reason it developed micro pension scheme to attract informal sector workers into the new pension scheme.

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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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