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Labour Enforces Strike, Cripples Govt, Banks, Schools in Lagos

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Government offices, banks and public schools were on Thursday closed in Lagos State as the organised labour began its strike over delay by Federal Government in concluding negotiation on a new minimum wage.

The enforcement teams of the organised labour set out from Ikeja to the State Secretariat, Alausa, at 7:20 am and workers who arrived for work were being turned back.

The News Agency of Nigeria correspondents who went round the Lagos metropolis reported that the United Bank for Africa on Lagos-Ibadan express way and Wema Bank in Alimosho were closed.

NAN reports that the enforcement team of the Association of Senior Staff of Banks, Insurance and Financial Institutions led by its President, Oyinkan Olasanoye prevented staff from gaining access to Stanbic IBTC Bank, Ikeja branch.

The ASSBIFI team stormed Polaris Bank (former Skye Bank) on Awolowo Way, Ikeja, as its gate was locked by the union, while workers and customers were prevented from accessing the premises.

Olasanoye said the enforcement was in compliance with the directive of the Trade Union Congress, which ASSBIFI was affiliated to.

She had on Wednesday at a news conference told journalists that ASSBIFI had dispatched letters to all its members in banks across the country, to join the strike.

However, Access Bank in Dopemu and First Bank in Iyana-Ipaja opened for business with many customers carrying out various transactions.

Meanwhile, fuel stations were seen attending to customers, while major roads, including Iyana-Ipaja to Ikeja and Ikorodu Road, were busy with the usual heavy traffic.

It will be recalled that labour demanded N65,000 national minimum, up from the current N18,000.

The wage was subject to negotiation by the 30-man tripartite National Minimum Wage Committee set up by the government in November 2017.

NAN reports that the Minister of Labour, Sen. Chris Ngige, said the tripartite committee would reconvene on October 4, 2018.

Ngige said the meeting would enable the committee continue the negotiation, assuring that the current administration was labour-friendly and would pay the minimum wage once agreed upon.

(NAN)

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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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